Enumeration of cryptographic keys in order of likelihood based on side-channel leakages has a significant importance in cryptanalysis. The best optimal-order key enumeration algorithms have a huge space complexity of \(\varOmega (n^{d/2})\) when there are d subkeys and n candidate values per subkey. In this paper, we present a parallelizable algorithm that enumerates the keys in near-optimal order but enjoys a much better space complexity of \(O(d^2w+dn)\) for a design parameter w which can be tuned to available RAM.