Cloudflare is a cloud-based network services company that sits between its customers' internet properties and the public internet, processing traffic to make applications faster, more reliable, and more secure. Cloudflare's business spans four product areas. First, application services (its original business) include a reverse proxy that protects and accelerates customers' websites and APIs via WAF, DDoS mitigation, CDN, and DNS. Second, its SASE/Zero Trust platform (Cloudflare One) routes corporate employee traffic through Cloudflare's global network instead of on-premises hardware, applying security policies and replacing legacy VPNs and firewalls. Third, its developer platform (Cloudflare Workers) lets developers build and deploy applications directly on Cloudflare's network, with compute, storage, databases, and AI inference — a fast-growing segment driven by AI-native companies. Fourth, Cloudflare is building tools to let content owners control and monetize AI crawler access to their content, leveraging its position in front of more than 20% of the public web. Cloudflare sells on a subscription basis across free, self-serve, and enterprise tiers, with large enterprise customers (those paying over $100K/year) accounting for 73% of revenue. A growing share of enterprise deals use a "pool of funds" structure, where customers commit upfront dollars and draw down across Cloudflare's 55+ products. Cloudflare's network architecture — where every server runs every service — enables high utilization and competitive pricing. The company is executing a deliberate shift toward enterprise sales, with channel partners now representing roughly 28% of bookings.