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Possible new Cloudflare shares

NETDilution

Known so far: no new shares from the prospectus covers read · no effective shelf · not yet read: warrants, ATM.

Shelf room

  • Room today none, no effective shelf
How this is worked out

Shelf room: none. No shelf registration on EDGAR was declared effective in the last 3 years, so a sale needs a new registration or a private placement. Sources: public float, as of Jun 30, 2025.

What could become new Cloudflare (NET) shares: convertible notes and options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

Cloudflare dilution ladder

Every source of new shares on record, from the filings that created it.

350.3M outstanding; up to 382.7M fully diluted, +9%

  1. Outstandingas of Oct 16, 2025 (10-Q filed Oct 30) · share count on the cover page
    350.3M
  2. Convertible notesconvert at $191.34, 14.8M shares10-Q Oct 30, 2025 · securities left out of diluted EPS
    +14.8M
  3. Options and RSUs6.3M options, 11.2M RSUs10-Q Oct 30, 2025 · securities left out of diluted EPS
    +17.5M

Not stated in the filings we read: an ATM program, warrants.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Oct 30, 2025.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.