Companies · NET
Cloudflare
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Updated Aug 13, 2026
Cloudflare raises $2.50 billion via 0% convertible notes due 2031, pricing at a 60% conversion premium with capped call protection to $854 per share.
Cloudflare executed a $2.50 billion convertible note offering — its largest financing to date — at 0% coupon with a conversion price of $496.94, representing a 60% premium to the August 10, 2026 stock price of $310.59. After deploying $259.5 million into capped call transactions that cap dilution up to $854.12 per share (175% premium), net proceeds of approximately $2.46 billion are earmarked for general corporate purposes including potential acquisitions and strategic transactions. The filing carries no operational or product disclosures; the signal here is balance sheet positioning for large-scale M&A or capital deployment at a moment when cybersecurity platform consolidation is accelerating.
Tone: bullishRevenue
$2.2B
NET 10-K · FY 2025
Employees
5,156
Revenue FY2024
$1.7B
Founded
2009
Profile
NET 10-K Item 1 · Feb 26, 2026Cloudflare is a cloud-based network services company that delivers security, performance, and reliability to businesses of all sizes worldwide through a globally distributed, serverless network spanning more than 330 cities and over 125 countries. The company operates across application services, a SASE platform, developer-based solutions, and consumer offerings. Its network also serves as a programmable platform on which customers build and deploy applications, including AI-enhanced workloads.
Read filing description ↓ Collapse description ↑
Cloudflare's mission is to help build a better Internet. We have built a global network that delivers a broad range of services to businesses of all sizes and in all geographies — making them more secure, enhancing the performance of their business-critical applications, and eliminating the cost and complexity of managing individual network hardware. Our network serves as a scalable, easy-to-use, unified control plane to deliver security, performance, and reliability across their on-premises, hybrid, cloud, and software-as-a-service (SaaS) applications. In addition, the distributed and programmable nature of our network increasingly is resulting in our customers building their applications on top of our network, too — including both traditional applications and those that are enhanced with artificial intelligence (AI). Customers are therefore looking to consolidate behind a single, global provider that operates in the cloud — what has been described as a 'Connectivity Cloud'. Cloudflare is a leader in this Connectivity Cloud category. Our network serves as a scalable, easy-to-use, unified control plane to deliver security, performance, and reliability across on-premises, hybrid, cloud, and SaaS applications. We serve comprehensive customer needs across security and connectivity, and increasingly, the distributed and programmable nature of our network is resulting in customers building their applications on top of our network, too. Today, our network spans more than 330 cities in over 125 countries worldwide and interconnects with over 13,000 networks globally, including major ISPs, cloud services, and enterprises.
Primary products
- Web Application Firewall (WAF)
- Bot Management
- Distributed Denial of Service (DDoS) Mitigation
- API Security (API Shield)
- SSL / TLS Encryption
- Client-Side Security (Page Shield)
Business segments
End markets
Geographies
“We believe that we are positioned favorably against our competitors based on these principal competitive factors.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from $1,669.6 million in 2024 to $2,167.9 million in 2025, continuing the company's multi-year growth trend, though management cautions that historical growth rates may not be indicative of future performance.
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