NET.US: Edge network, security, developer platform

Snapshot

Price

USD 279

Mkt cap

USD 99.0B

Revenue

USD 1.8B

RPO

USD 1.6B

Thesis

Cloudflare Global edge network with security + developer platform (Workers); strong growth vs path-to-profit and competition debate.

Business

Model: network/security sub + usage. Flagships: CDN/security; zero trust; Workers. Edge: PoP density + DX. Strategy: enterprise security suite + edge AI inference.

Value chain

Edge infra software; upstream colo/bandwidth; downstream sites/enterprises. Risks: bandwidth costs; outages; concentration.

Valuation

High-growth infra software; sensitive to growth and margin path.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Operations

Volume: traffic + paying customers; price: plans/usage; cost: network COGS.

Key financials

Key financials

Item	Value	YoY	Note
Revenue (approx)	~$1.8B	+25%+	Subscription
Gross margin	~75%+	—	Network scale
RPO	Growing	—	Visibility
Large customers	Rising	—	Enterprise mix

Competition

Peer strengths/weaknesses:

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
Cloudflare (self)	Edge+security	~77% GM	Developer brand	Profit path
Akamai	CDN/security	Mid-high	Enterprise	Growth vs NET
Fastly	Edge	Mid	Edge compute	Scale
Zscaler	SSE	High GM	Zero trust	Different network

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO	Matthew Prince	co-founder	No material change
CFO	Thomas Seifert	long-tenured	No material change
COO / presidents	Go-to-market leads	ongoing	Normal

Stability: Steady founder-CEO.

Outlook

Track dollar retention, large customers, Workers/AI, operating leverage.

Scenarios

Risks

Not investment advice; defer to latest company filings.