$NET is not just a CDN story.
The original CDN architecture matters because Cloudflare already sits close to users, traffic, and applications across its global edge network. That gives it a natural place to add security, Zero Trust, developer compute, and now AI controls like Workers AI + AI Gateway.
That’s the bullish case: Cloudflare is not selling one more point product. It is trying to make its network the control layer for more internet and AI traffic.
Q1’26 evidence is still supportive: revenue +33.5%, $2.54B RPO, 4,416 $100K+ customers, and 118% dollar-based net retention.
I’m bullish on NET if that consolidation keeps showing up in adoption and expansion. Main risk is valuation/execution, but the business model is getting more strategic, not less.