<SEC-DOCUMENT>0001104659-25-116465.txt : 20251126
<SEC-HEADER>0001104659-25-116465.hdr.sgml : 20251126
<ACCEPTANCE-DATETIME>20251126164140
ACCESSION NUMBER:		0001104659-25-116465
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251125
FILED AS OF DATE:		20251126
DATE AS OF CHANGE:		20251126

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Prince Matthew
		CENTRAL INDEX KEY:			0001786925
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39039
		FILM NUMBER:		251530971

	MAIL ADDRESS:	
		STREET 1:		C/O CLOUDFLARE, INC.
		STREET 2:		101 TOWNSEND STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94107

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cloudflare, Inc.
		CENTRAL INDEX KEY:			0001477333
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				270805829
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		101 TOWNSEND ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94107
		BUSINESS PHONE:		888.993.5273

	MAIL ADDRESS:	
		STREET 1:		101 TOWNSEND ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CloudFlare, Inc.
		DATE OF NAME CHANGE:	20091120
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tm2532249-2_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
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    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-11-25</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001477333</issuerCik>
        <issuerName>Cloudflare, Inc.</issuerName>
        <issuerTradingSymbol>NET</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001786925</rptOwnerCik>
            <rptOwnerName>Prince Matthew</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CLOUDFLARE, INC.405 COMAL STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>AUSTIN</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78702</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO and Board Co-Chair</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
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                    <value>See footnote</value>
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            <ownershipNature>
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                <natureOfOwnership>
                    <value>By LLC</value>
                </natureOfOwnership>
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        </derivativeTransaction>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
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            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
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            <exerciseDate>
                <footnoteId id="F1"/>
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            <expirationDate>
                <footnoteId id="F1"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6928408</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6928408</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
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            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1060000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1060000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
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                </underlyingSecurityShares>
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            <ownershipNature>
                <directOrIndirectOwnership>
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                <natureOfOwnership>
                    <value>See footnote</value>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
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            <exerciseDate>
                <footnoteId id="F1"/>
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                <footnoteId id="F1"/>
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            <underlyingSecurity>
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                    <value>I</value>
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                    <value>See footnote</value>
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                <footnoteId id="F1"/>
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                <sharesOwnedFollowingTransaction>
                    <value>3103644</value>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F8"/>
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        </derivativeHolding>
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            <securityTitle>
                <value>Class B Common Stock</value>
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                <footnoteId id="F1"/>
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            <exerciseDate>
                <footnoteId id="F1"/>
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            <expirationDate>
                <footnoteId id="F1"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
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                </underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
                    <value>2000000</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>See footnote</value>
                    <footnoteId id="F9"/>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
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                <footnoteId id="F1"/>
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            <exerciseDate>
                <footnoteId id="F1"/>
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            <expirationDate>
                <footnoteId id="F1"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2000000</value>
                </underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
                    <value>2000000</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F10"/>
                </natureOfOwnership>
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        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date.</footnote>
        <footnote id="F2">The shares are held of record by The Matthew Prince Revocable Trust dated October 29, 2015, for which the reporting person serves as trustee.</footnote>
        <footnote id="F3">Represents a gift to a 501(c)(3) charitable organization.</footnote>
        <footnote id="F4">The shares are held of record by The Prince Family Nonexempt Irrevocable Trust dated March 29, 2016, for which the reporting person serves as an investment advisor.</footnote>
        <footnote id="F5">The shares are held of record by The Prince Family Exempt Irrevocable Trust dated March 29, 2016, for which the reporting person serves as an investment advisor.</footnote>
        <footnote id="F6">The shares are held of record by The Prince 2021 Remainder Trust dated September 23, 2021, for which the reporting person serves as an investment advisor.</footnote>
        <footnote id="F7">The shares are held of record by The Matthew Prince 2024 Grantor Retained Annuity Trust dated 05/20/2024, for which the reporting person serves as co-trustee and investment advisor.</footnote>
        <footnote id="F8">The shares are held of record by The Matthew Prince 2024 Grantor Retained Annuity Trust 2 dated 08/20/2024, for which the reporting person serves as co-trustee and investment advisor.</footnote>
        <footnote id="F9">The shares are held of record by The Matthew Prince 2025 Grantor Retained Annuity Trust dated May 10, 2025, for which the reporting person serves as an investment advisor.</footnote>
        <footnote id="F10">The shares are held of record by The Matthew Prince 2025 Grantor Retained Annuity Trust 2 dated August 11, 2025, for which the reporting person serves as co-trustee and investment advisor.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Lindsey Cochran, by power of attorney</signatureName>
        <signatureDate>2025-11-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
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</SEC-DOCUMENT>
