Cloudflare

The network in front of a large share of the web, for speed, security and serverless apps.

Public · NYSE:NET

Sector: Cloud
Based in: San Francisco, United States
Founded: 2009
Invested: Mar 2023

Part of the AI build-out: Clouds and data centres

Cloudflare runs a global network, with data centres in hundreds of cities, that sits in front of websites and apps. It caches content close to users, blocks attacks such as DDoS, and provides DNS, including the public 1.1.1.1 resolver.

On top of that network it sells Zero Trust security for company networks, and a developer platform (Workers, R2 storage, D1 databases and AI inference) that runs code close to users instead of in one central region.

Matthew Prince, Michelle Zatlyn and Lee Holloway founded Cloudflare in 2009 and launched it publicly in 2010. It listed on the New York Stock Exchange in 2019.

As of 29 Sep 2026

Why I own it

Cloudflare runs one of the largest networks on the internet and sits in front of a big share of the web. It has built a developer platform on top, so code and AI can run close to users everywhere. I build on it myself, including this site.

As AI agents browse, fetch and act on the web, much of that traffic will pass through Cloudflare. It's positioned to be the layer that decides how AI reaches websites, and how websites get paid for it.

Then · Mar 2023

Since I invested

Held for: 3 years, 7 months
Status: Active
Share price, past year: +55%
In the notebook: 1 note

Thesis check since 29 Sep 2026

5 developments support it, 0 challenge it

Checked against the thesis by Jev, an AI model. Can be wrong.

Visit cloudflare.com

From the notebook

All notes

People3 Oct 2026
Cloudflare's long-serving CFO takes an outside board seat at Crusoe
Thomas Seifert, Cloudflare's chief financial officer since 2017, joined the board of AI data centre company Crusoe on 17 September, alongside Tesla and Redwood Materials founder JB Straubel. Seifert keeps his day job running Cloudflare's finances, but the move puts him on the board of a firm building the physical AI infrastructure that companies like Cloudflare increasingly rent and compete with.
Cloudflare Tesla
Since this note:Cloudflare −2.1%Tesla +1.2%(S&P 500 +0.6%)