Cloudflare, Inc. (NET)

Cloudflare operates a global cloud network that it describes as a "Connectivity Cloud," with a mission to help build a better Internet. The company delivers security, performance, and reliability services that replace on-premises network hardware and point solutions, acting as a unified control plane across on-premises, hybrid, cloud, and SaaS environments. Increasingly, customers also build applications, including AI-enhanced ones, directly on its programmable network. Growth strategy centers on acquiring new customers across contracted, pay-as-you-go, and free tiers, expanding existing relationships, developing new products, and extending its developer solutions.

Its products fall into four groups. Application services include application security (Web Application Firewall, Bot Management, DDoS mitigation, API Shield, SSL/TLS, Page Shield, Security Center) and application performance (content delivery, load balancing, DNS, Smart Shield, video delivery, web optimization, Waiting Room, Data Localization Suite), plus tools to control access by AI crawlers and agents. The secure access service edge (SASE) platform combines network services (Magic WAN, Magic Transit, Magic Firewall, Network Interconnect, Spectrum) with Zero Trust and workplace security (Zero Trust Network Access, Secure Web Gateway, WARP client, Remote Browser Isolation, CASB, Cloud Email Security, Digital Experience Monitoring, Data Loss Prevention). Developer-based solutions cover AI (Workers AI, Vectorize, AI Gateway), compute (Workers, Workers for Platforms, Pages), storage and databases (R2, D1, Workers KV, Durable Objects, Hyperdrive, Queues), and media (Stream, Images, Realtime). Consumer offerings include the 1.1.1.1 DNS resolver, 1.1.1.1 with WARP VPN, and Cloudflare Registrar.

Cloudflare serves millions of free and paying customers managing millions of Internet properties. As of December 31, 2025, it had approximately 332,000 paying customers in more than 190 countries, across industries such as technology, healthcare, financial services, retail, industrial, non-profit, and government. Large customers numbered 4,298, up from 3,497 in 2024 and 2,756 in 2023. No single customer exceeded 10% of revenue in 2023, 2024, or 2025. Small and medium customers mainly use pay-as-you-go plans, while Enterprise plan customers are contracted. The company also runs free-service initiatives such as Project Galileo, the Athenian Project, Cloudflare for Campaigns, and Project Cybersafe Schools, under its Cloudflare Impact sustainability and corporate responsibility platform.

The network spans more than 330 cities in over 125 countries and interconnects with over 13,000 networks, including major ISPs, cloud services, and enterprises. It runs a single proprietary software stack on commodity hardware, with every service running on every server in every city, an architecture the company calls "serverless." Encryption chips embedded in server motherboards are intended to prevent unauthorized software from running, and the company is deploying GPUs across the network for AI workloads. Cloudflare uses idle capacity to support a free tier, and the resulting scale makes it an attractive partner for ISPs, which lowers its co-location and bandwidth costs.