Cloudflare is one of the most recognized internet security and content delivery network companies today. When discussing internet infrastructure, many wonder who owns Cloudflare. This article explores Cloudflare’s history, ownership, leadership, financials, and associated companies in detail.
History of Cloudflare
Cloudflare was founded in 2009 by Matthew Prince, Michelle Zatlyn, and Lee Holloway. The idea originated from Project Honey Pot, a project aimed at identifying and combating email harvesters. The founders sought to build a platform that could not only track online threats but also prevent them.
In 2010, Cloudflare officially launched its services at TechCrunch Disrupt. Since then, the company has grown rapidly. It expanded its infrastructure globally and started offering additional services like DDoS protection, DNS management, and web application firewalls.
Cloudflare went public in September 2019, listing on the New York Stock Exchange under the ticker symbol “NET”.
Who Owns Cloudflare: Biggest Shareholders
Cloudflare is a publicly traded company. That means its ownership is divided among public investors, institutional shareholders, and company insiders. While no single person owns Cloudflare outright, some major stakeholders hold significant influence. The largest shareholders are co-founders, institutional investors, and mutual fund companies.
Here’s a list of the major shareholders of Cloudflare:
| Shareholder Name | Shares Owned | Ownership % | Estimated Value (USD) |
|---|---|---|---|
| Capital Research and Management Company | 35.4 million | 10.22% | $4.41 billion |
| Baillie Gifford & Co. | 31.88 million | 9.20% | $3.97 billion |
| The Vanguard Group, Inc. | 30.17 million | 8.70% | $3.76 billion |
| Matthew Prince | 28.15 million | 8.16% | — |
| Morgan Stanley Investment Management Inc. | 21.19 million | 6.11% | $2.64 billion |
| BlackRock, Inc. | 13.68 million | 3.95% | $1.71 billion |
| FMR LLC (Fidelity) | 12.29 million | 3.55% | $1.53 billion |
| Sands Capital Management, LLC | 7.77 million | 2.24% | $968 million |
| Michelle Zatlyn | 7.13 million | 2.07% | — |
| State Street Global Advisors, Inc. | 6.51 million | 1.88% | $811 million |
| First Trust Advisors LP | 5.38 million | 1.55% | $670 million |
| Geode Capital Management, LLC | 4.90 million | 1.41% | $611 million |
| Legal & General Investment Management Ltd. | 3.50 million | 1.01% | $436 million |
| Franklin Resources, Inc. | 3.26 million | 0.94% | $406 million |
| 1832 Asset Management L.P. | 3.15 million | 0.91% | $393 million |
| Voya Investment Management LLC | 3.07 million | 0.89% | $382 million |
| Polar Capital Holdings Plc | 2.93 million | 0.85% | $366 million |
| Groupama Asset Management SA | 2.50 million | 0.72% | $290 million |
| Norges Bank Investment Management | 2.32 million | 0.67% | $269 million |
| American Century Investment Mgmt. Inc. | 2.26 million | 0.65% | $262 million |
| Gilder Gagnon Howe & Co. LLC | 2.24 million | 0.65% | $260 million |
| Allianz Global Investors U.S. LLC | 2.00 million | 0.58% | $232 million |
| Northern Trust Global Investments | 1.85 million | 0.54% | $215 million |
Capital Research and Management Company
Capital Research and Management Company, operating under Capital World Investors, is the largest institutional shareholder of Cloudflare. As of December 31, 2024, they held approximately 35.4 million shares, representing about 10.22% of the company. This stake is valued at approximately $4.41 billion. Their substantial investment underscores confidence in Cloudflare’s long-term growth prospects.
Baillie Gifford & Co.
Baillie Gifford & Co., a UK-based investment management firm, holds around 31.88 million shares of Cloudflare, equating to approximately 9.20% ownership. This stake is valued at about $3.97 billion. Known for investing in innovative companies, Baillie Gifford’s involvement highlights Cloudflare’s position in the tech industry.
The Vanguard Group, Inc.
The Vanguard Group, Inc., one of the world’s largest asset management firms, owns approximately 30.17 million shares of Cloudflare, representing about 8.70% of the company. This investment is valued at roughly $3.76 billion. Vanguard’s stake indicates strong institutional support for Cloudflare.
Matthew Prince
Matthew Prince, co-founder and CEO of Cloudflare, is a significant individual shareholder. As of the latest data, he owns approximately 28.15 million shares, accounting for about 8.16% of the company. His substantial ownership aligns his interests with the company’s performance.
Morgan Stanley Investment Management Inc.
Morgan Stanley Investment Management Inc. holds around 21.19 million shares of Cloudflare, translating to approximately 6.11% ownership. This stake is valued at about $2.64 billion. The firm’s investment reflects confidence in Cloudflare’s market position.
BlackRock, Inc.
BlackRock, Inc., another global asset management giant, owns approximately 13.68 million shares of Cloudflare, representing about 3.95% of the company. This investment is valued at roughly $1.71 billion. BlackRock’s stake signifies strong institutional backing.
FMR LLC (Fidelity)
FMR LLC, commonly known as Fidelity, holds around 12.29 million shares of Cloudflare, equating to approximately 3.55% ownership. This stake is valued at about $1.53 billion. Fidelity’s investment indicates its belief in Cloudflare’s growth trajectory.
Sands Capital Management, LLC
Sands Capital Management, LLC owns approximately 7.77 million shares of Cloudflare, translating to about 2.24% of the company. This investment is valued at roughly $968 million. The firm’s focus on growth companies aligns with Cloudflare’s innovative offerings.
Michelle Zatlyn
Michelle Zatlyn, co-founder and COO of Cloudflare, holds approximately 7.13 million shares, representing about 2.07% of the company. Her ownership reflects her ongoing commitment to Cloudflare’s success.
State Street Global Advisors, Inc.
State Street Global Advisors, Inc. owns around 6.51 million shares of Cloudflare, equating to approximately 1.88% ownership. This stake is valued at about $811 million. This investment showcases the firm’s confidence in Cloudflare’s market potential.
First Trust Advisors LP
First Trust Advisors LP holds approximately 5.38 million shares of Cloudflare, representing about 1.55% of the company. This investment is valued at roughly $670 million. The firm’s investment strategy includes companies with strong growth prospects like Cloudflare.
Geode Capital Management, LLC
Geode Capital Management, LLC owns around 4.90 million shares of Cloudflare, translating to approximately 1.41% ownership. This stake is valued at about $611 million. As a close affiliate of Vanguard, Geode’s stake complements Vanguard’s investment in Cloudflare.
Legal & General Investment Management Limited
Legal & General Investment Management Limited holds approximately 3.50 million shares of Cloudflare, equating to about 1.01% ownership. This investment is valued at roughly $436 million. This stake reflects the firm’s diversified investment approach.
Franklin Resources, Inc.
Franklin Resources, Inc. owns around 3.26 million shares of Cloudflare, representing approximately 0.94% of the company. This stake is valued at about $406 million. The firm’s investment underscores its confidence in Cloudflare’s growth.
1832 Asset Management L.P.
1832 Asset Management L.P. holds approximately 3.15 million shares of Cloudflare, translating to about 0.91% ownership. This investment is valued at roughly $393 million. The firm’s stake indicates its belief in Cloudflare’s market potential.
Voya Investment Management LLC
Voya Investment Management LLC owns around 3.07 million shares of Cloudflare, equating to approximately 0.89% ownership. This stake is valued at about $382 million. This investment reflects Voya’s strategy of investing in promising tech companies.
Polar Capital Holdings Plc
Polar Capital Holdings Plc holds approximately 2.93 million shares of Cloudflare, representing about 0.85% of the company. This investment is valued at roughly $366 million. The firm’s investment aligns with its focus on high-growth companies.
Groupama Asset Management SA
Groupama Asset Management SA owns around 2.50 million shares of Cloudflare, translating to approximately 0.72% ownership. This stake is valued at about $290 million. This stake demonstrates the firm’s confidence in Cloudflare’s future prospects.
Norges Bank Investment Management
Norges Bank Investment Management holds approximately 2.32 million shares of Cloudflare, equating to about 0.67% ownership. This investment is valued at roughly $269 million. The firm’s investment reflects its global investment strategy.
American Century Investment Management Inc.
American Century Investment Management Inc. owns around 2.26 million shares of Cloudflare, representing approximately 0.65% of the company. This stake is valued at about $262 million. The firm’s stake indicates its positive outlook on Cloudflare’s growth.
Gilder Gagnon Howe & Co. LLC
Gilder Gagnon Howe & Co. LLC holds approximately 2.24 million shares of Cloudflare, translating to about 0.65% ownership. This investment is valued at roughly $260 million. The firm’s investment aligns with its focus on innovative companies.
Allianz Global Investors U.S. LLC
Allianz Global Investors U.S. LLC owns around 2.00 million shares of Cloudflare, equating to approximately 0.58% ownership. This stake is valued at about $232 million. This stake reflects the firm’s confidence in Cloudflare’s market position.
Northern Trust Global Investments
Northern Trust Global Investments holds approximately 1.85 million shares of Cloudflare, representing about 0.54% of the company. This investment is valued at roughly $215 million.
Who is the CEO of Cloudflare?
As of 2025, Matthew Prince serves as the co-founder and Chief Executive Officer (CEO) of Cloudflare, a leading global internet infrastructure and cybersecurity company. Under his leadership, Cloudflare has expanded its services to include content delivery networks, DDoS mitigation, and edge computing, positioning itself as a pivotal player in the digital landscape.
Early Life and Education
Born on November 13, 1974, in Salt Lake City, Utah, Matthew Prince developed an early interest in technology. His mother would sneak him into computer science classes at the University of Utah during his youth. He attended Rowland Hall-St. Mark’s School and later graduated from Trinity College in 1996 with a B.A. in English Literature and a minor in Computer Science. Prince furthered his education by earning a J.D. from the University of Chicago Law School in 2000 and an MBA from Harvard Business School in 2009.
Career and Founding of Cloudflare
After law school, Prince worked at Latham & Watkins and later at the online insurance company GroupWorks. In 2003, he began teaching cyberlaw at the University of Illinois, Chicago School of Law. During this time, he co-founded Unspam Technologies, focusing on email spam prevention, and co-created Project Honey Pot, an open-source project to track email harvesters.
In 2009, Prince co-founded Cloudflare with Michelle Zatlyn and Lee Holloway. The company aimed to enhance internet performance and security. Cloudflare went public in 2019 and has since become integral to internet infrastructure, serving millions of websites worldwide.
Leadership and Vision
As CEO, Prince emphasizes the importance of coding literacy, even in an era dominated by AI. He believes that understanding the basics of coding enables better communication with engineering teams and informed decision-making.
Prince is also vocal about the challenges AI poses to content creators. He warns that AI-driven platforms may divert traffic away from original content sources, potentially diminishing creators’ revenues. He advises content creators to protect their work by restricting AI bots’ access unless compensated.
Net Worth and Recognition
As of May 2025, Matthew Prince’s net worth is estimated at $3.9 billion, making him one of the wealthiest individuals in Utah. He has been recognized as a World Economic Forum Technology Pioneer and serves on the Board of Advisors for the Center for Information Technology and Privacy Law.
Personal Life
Prince resides in Park City, Utah, with his wife, Tatiana Lingos-Webb, and their daughter. In 2023, the couple acquired The Park Record, a local newspaper, with plans to convert it into a non-profit or public benefit corporation, aiming to enhance community journalism.
Annual Revenue and Net Worth of Cloudflare
In fiscal year 2024, Cloudflare reported a total revenue of $1.67 billion, marking a 28.76% increase from the previous year. This growth trajectory continued into the first quarter of 2025, with revenue reaching $479.1 million, a 27% year-over-year increase. The company attributes this growth to the acquisition of large enterprise customers and the expansion of its AI-driven services.
As of May 2025, Cloudflare’s market capitalization stands at approximately $45.86 billion, reflecting a 20.81% increase from the previous year. This valuation positions Cloudflare among the leading companies in the cybersecurity and cloud services sector.
Looking ahead, Cloudflare projects a full-year 2025 revenue between $2.090 billion and $2.094 billion, indicating a 25% year-over-year growth. The company also anticipates non-GAAP net income per share ranging from $0.79 to $0.80 for the year.
Here’s a detailed overview of the annual revenue and net worth of Cloudflarefrom 2019-24:
| Year | Annual Revenue (USD Billion) | Market Capitalization / Net Worth (USD Billion) |
|---|---|---|
| 2019 | 0.25 | 4.4 (IPO valuation, market cap at IPO) |
| 2020 | 0.42 | 6.8 |
| 2021 | 0.65 | 12.5 |
| 2022 | 1.00 | 25.0 |
| 2023 | 1.30 | 38.0 |
| 2024 | 1.67 | 45.9 |
Companies Owned by Cloudflare
Below is an overview of the major companies and brands owned by Cloudflare:
| Company/Brand | Description | Key Features/Focus | Target Users/Markets |
|---|---|---|---|
| Cloudflare Spectrum | Protects and accelerates non-web internet applications by extending DDoS protection to TCP/UDP protocols. | DDoS mitigation, low latency, protocol support (SMTP, FTP) | Gaming companies, financial institutions, SaaS |
| Cloudflare Workers | Serverless computing platform allowing deployment of code at the network edge for faster application delivery. | Supports JS, Rust, C/C++, WebAssembly; Durable Objects | Developers building edge applications |
| Cloudflare Pages | Jamstack platform for building, deploying, and hosting static websites with seamless CI/CD integration. | CDN-backed hosting, Git integration, supports React/Vue | Web developers and agencies |
| Cloudflare Magic Transit | Network-layer security and traffic acceleration for corporate networks and data centers. | DDoS protection, firewalling, hybrid cloud support | Large enterprises, carriers, data centers |
| Cloudflare Access | Zero Trust access management replacing VPNs with identity-based authentication for internal apps. | Integration with Okta, Azure AD; secure remote access | Enterprises securing remote workforce |
| Cloudflare Zaraz | Tag manager that optimizes loading of third-party analytics and marketing scripts from Cloudflare’s edge. | Reduces page load times, better script control | Businesses managing website integrations |
| 1.1.1.1 DNS Resolver | Privacy-focused public DNS resolver offering fast, secure DNS with DoH and DoT support. | Fast DNS resolution, privacy, security | General internet users, privacy-conscious users |
| Cloudflare Bot Management | Detects and mitigates malicious bot traffic using machine learning and behavior analysis. | Bot detection, fraud prevention, scraping mitigation | Online platforms vulnerable to bot attacks |
| Cloudflare R2 Storage | Object storage solution compatible with Amazon S3 APIs but without egress fees, integrated into Cloudflare edge. | Cost-effective, scalable, low egress fees | Developers and enterprises needing cloud storage |
Cloudflare Spectrum
Cloudflare Spectrum is a powerful service launched to protect and accelerate non-web internet applications. It extends Cloudflare’s DDoS protection and performance benefits to protocols such as SMTP, FTP, gaming, and SSH. Spectrum shields businesses from volumetric attacks that target these protocols while improving latency and reliability.
This service is especially valued by gaming companies, financial institutions, and SaaS providers that require low-latency and secure connectivity for custom TCP/UDP traffic.
Cloudflare Workers
Cloudflare Workers is a serverless computing platform that allows developers to deploy JavaScript, Rust, C, and C++ code at Cloudflare’s edge locations worldwide. This platform supports building applications closer to users, reducing latency and increasing performance.
Since its launch, Workers has evolved with features like Durable Objects for stateful applications and support for WebAssembly, enabling Cloudflare to compete with other edge computing platforms. Workers powers a growing ecosystem of applications, from simple websites to complex APIs.
Cloudflare Pages
Cloudflare Pages is a Jamstack platform designed to enable developers to build, deploy, and host static websites quickly and efficiently. It integrates with popular frontend frameworks like React, Vue, and Svelte and supports seamless CI/CD pipelines through GitHub and GitLab.
Pages benefits from Cloudflare’s global CDN to deliver content rapidly to users worldwide. It has gained popularity among developers looking for fast, secure, and scalable website hosting without managing servers.
Cloudflare Magic Transit
Magic Transit extends Cloudflare’s network security and performance features to entire corporate networks, not just websites. It provides DDoS mitigation, firewalling, and traffic acceleration for on-premise and cloud-hosted networks. Magic Transit is utilized by large enterprises, carriers, and data centers to protect infrastructure from cyber threats and optimize traffic flow globally. This product exemplifies Cloudflare’s expansion into network-layer security and hybrid cloud solutions.
Cloudflare Access
Cloudflare Access is a Zero Trust security solution that replaces traditional VPNs with identity-based access control to internal applications. By integrating with identity providers like Okta and Azure AD, Access enforces strict authentication and authorization policies. It helps companies secure remote workforces and manage access without sacrificing performance or user experience. Access is a key part of Cloudflare’s broader Zero Trust platform, addressing modern cybersecurity challenges.
Cloudflare Zaraz
Zaraz is a recent acquisition that helps optimize website performance by managing third-party tools and scripts more efficiently. It acts as a tag manager that loads analytics, marketing, and customer support scripts from Cloudflare’s edge, reducing the impact on page load speed. Zaraz provides businesses with better control over third-party integrations and enhances user experience by minimizing latency caused by external scripts.
1.1.1.1 DNS Resolver
Cloudflare operates 1.1.1.1, one of the fastest and most privacy-focused public DNS resolvers globally. Launched in 2018, 1.1.1.1 offers improved internet speed, enhanced privacy, and security features like DNS over HTTPS (DoH) and DNS over TLS (DoT). It has millions of users worldwide and is a flagship Cloudflare product demonstrating the company’s commitment to a faster, safer internet.
Cloudflare Bot Management
Cloudflare Bot Management is a suite of tools designed to detect and mitigate malicious bot traffic while allowing legitimate bots. It leverages machine learning and behavioral analysis to distinguish between good and bad bots. This service is essential for businesses to protect online platforms from scraping, fraud, and automated attacks without affecting user experience.
Cloudflare R2 Storage
R2 Storage is Cloudflare’s object storage solution designed as a cost-effective, scalable alternative to Amazon S3. It offers compatibility with S3 APIs but without egress fees, making it attractive for developers and enterprises managing large volumes of data. R2 is integrated into Cloudflare’s edge network, enabling fast, distributed access to stored objects globally.
Final Thoughts
Cloudflare plays a crucial role in modern internet infrastructure. While many people ask who owns Cloudflare, the reality is that it is owned by a mix of founders, institutional investors, and the public. Its consistent leadership, especially under Matthew Prince, has allowed it to grow and adapt in a competitive space.
With a robust market presence, growing revenues, and strategic acquisitions, Cloudflare continues to strengthen its position as a vital internet service provider.
FAQs
Is Cloudflare part of Microsoft?
No, Cloudflare is not part of Microsoft. It is an independent company specializing in internet security and performance services. While Cloudflare and Microsoft may collaborate on certain technology integrations, Cloudflare operates separately from Microsoft.
Is Cloudflare related to Google?
Cloudflare is not owned by or affiliated with Google. Both companies operate in the tech space, but Cloudflare focuses on cybersecurity, content delivery, and edge computing, whereas Google’s services span search, advertising, cloud, and more. They are competitors in some cloud infrastructure areas but remain distinct entities.
Does Sony use Cloudflare?
Yes, Sony is one of the large corporations that use Cloudflare’s services to enhance the security and performance of its web properties and online services. Cloudflare’s protection against DDoS attacks and its CDN services benefit companies like Sony to ensure uptime and faster content delivery.
Is Cloudflare similar to AWS?
Cloudflare and Amazon Web Services (AWS) offer overlapping but distinct services. Cloudflare is primarily focused on internet security, CDN, and edge computing, whereas AWS provides a broad cloud platform including virtual servers, databases, machine learning, and more. Cloudflare Workers competes with AWS Lambda in serverless computing, but overall, AWS has a broader cloud services portfolio.
Which big companies use Cloudflare?
Many large companies across industries use Cloudflare, including IBM, Sony, Shopify, Zoom, and Okta. These companies rely on Cloudflare for web security, DDoS protection, content delivery, and performance optimization.
Does Cloudflare use Cisco?
Cloudflare does not use Cisco as part of its core network infrastructure. Cloudflare operates its own extensive global network with data centers in over 275 cities worldwide. However, Cloudflare may use Cisco hardware or software solutions in some enterprise or partner contexts, but its network is primarily self-operated.
Who owns Cloudflare DNS?
Cloudflare owns and operates the 1.1.1.1 DNS resolver service. It is a free, privacy-focused public DNS service that Cloudflare launched in 2018. The service is fully managed and controlled by Cloudflare.
Where’s Cloudflare’s headquarters?
Cloudflare’s headquarters is located in San Francisco, California, USA. The company also maintains offices worldwide to support its global operations.
Is Cloudflare publicly traded?
Yes, Cloudflare is a publicly traded company. It went public in September 2019 and is listed on the New York Stock Exchange (NYSE) under the ticker symbol NET.
Who is the largest shareholder of Cloudflare?
Matthew Prince, the CEO and co-founder, is the largest individual shareholder. Among institutional investors, Vanguard Group holds the largest stake.
Is Cloudflare a private company?
No, Cloudflare is a public company. It trades on the New York Stock Exchange under the symbol “NET”.
Who founded Cloudflare?
Cloudflare was founded in 2009 by Matthew Prince, Michelle Zatlyn, and Lee Holloway.