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Companies That Had Their IPO in 2019: Bull Market and Tech Dominance
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Cloudflare (NET) investor relations material
Cloudflare Goldman Sachs Communicopia + Technology Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Goldman Sachs Communicopia + Technology Conference 2025 summary9 Sep, 2025
Business performance and growth drivers
Growth is accelerating due to multiple independent vectors, with particular strength in large customer cohorts and across the product portfolio, including Zero Trust and Cloudflare One products.
Act 4 (pay-to-crawl) is driving a reemergence of Act 1, leading to broad acceleration and continued growth guidance for the second half of the year.
Expansion into non-digital native sectors is occurring, with agentic AI workflows and latency-sensitive applications gaining traction.
Significant shifts from free to paid customers are observed, especially as content creators seek monetization opportunities.
Increased hiring and ramped sales reps are expected to drive further growth, shifting from productivity-driven to capacity-driven sales.
Product innovation and competitive differentiation
Workers platform now supports over 3 million developers, with rapid growth fueled by AI-related use cases.
The network architecture, based on off-the-shelf hardware and a global software stack, provides a strong competitive moat, enabling instant global code deployment and superior latency.
Feature parity in SASE components has been achieved, with strong traction in financial services and critical infrastructure verticals.
The speedboat initiative targets large enterprise deals by helping customers achieve significant cost savings, supported by a dedicated, independent team.
AI is broadly deployed internally to enhance productivity, with a focus on reallocating savings to innovation.
Capital expenditure and unit economics
CapEx is stepping up by about 50% this year, but remains within a 12–14% revenue ratio, driven by strong demand signals.
Efficient hardware stack management and high utilization rates, especially for GPUs, support CapEx efficiency and scalability.
Zero Trust products deliver high margins and allow for flexible CapEx allocation toward GPU investments.
Gross margins have remained stable within a 2–3% range over nine years, despite product and traffic growth.
Unit economics for GPU-based workloads are lower at the infrastructure layer but offset by economies of scale and a diverse product mix.
What drives growth in largest customer cohort?
Describe the "speedboat" initiative's progress.
How are GPU unit economics managed?
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Next Cloudflare earnings date
Q3 20256 Nov, 2025
Next Cloudflare earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Ensuring Cyber Security
Cloudflare is a global web infrastructure and website security company offering content delivery network (CDN) services, distributed denial-of-service (DDoS) mitigation, Internet security, and distributed domain name server services. By routing web traffic through its global network, the company filters out malicious threats while optimizing legitimate content for faster delivery. As cyber threats have evolved in volume and sophistication, Cloudflare has become a critical defense layer for numerous websites, applications, and APIs, catering to a range of customers from small blogs to Fortune 500 corporations.
Founded to Build a Better Internet
Cloudflare traces its origins to a project undertaken by two Harvard Business School students, Matthew Prince and Michelle Zatlyn, along with coder Lee Holloway. In 2009, the trio officially founded Cloudflare with an aspiration to revolutionize how the internet functions, enhancing its security and efficiency. Cloudflare quickly transformed from this anti-spam measure to a comprehensive web performance and security solution. Its public launch was in 2010 at the TechCrunch Disrupt conference, where it gained significant attention.
The Services
Cloudflare provides services designed to optimize and secure online operations for businesses and individual websites. At its core, Cloudflare acts as a content delivery network (CDN), accelerating the delivery of web content by distributing it across a global network of servers. This ensures users get data from the nearest server, leading to faster load times and reduced latency. Additionally, Cloudflare offers a robust layer of security against a myriad of cyber threats, including DDoS attacks, malicious bots, and potential data breaches. By sitting between a client's website and its visitors, Cloudflare filters traffic to keep malicious actors out while letting legitimate users in. The platform also offers performance enhancements, analytics, and other web solutions, ultimately providing a safer, faster, and more reliable internet experience for end-users.
Solutions for Businesses of All Sizes
Cloudflare's services cater to a broad spectrum of users, ranging from individual bloggers and small businesses to large corporations and e-commerce platforms. By using Cloudflare, these entities can ensure their websites load quickly and reliably, irrespective of the visitor's location, thanks to Cloudflare's vast global content delivery network. Whether a startup is looking to set up its first website in a secure way or a large enterprise is seeking to maintain a digital reputation and security, Cloudflare offers a solution. When looking at their list of customers one finds several publicly traded companies, with some examples being Polestar, SoFi, and Q2.
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