Baillie Gifford (NET) reports 14.6M Cloudflare shares, now under 5% threshold

Rhea-AI Filing Summary

Cloudflare, Inc. Class A common stock is held by Baillie Gifford & as an institutional investor under a Schedule 13G/A (Amendment No. 9). Baillie Gifford &, an investment adviser based in Scotland, reports beneficial ownership of 14,598,594 shares, representing 4.55% of the Class A common stock. It has sole power to vote 9,125,643 shares and sole power to dispose of 14,598,594 shares, with no shared voting or dispositive power. The filing indicates ownership of 5 percent or less of the class.

Key Figures

Beneficial ownership: 14,598,594 shares Ownership percentage: 4.55 % Sole voting power: 9,125,643 shares +2 more

5 metrics

Beneficial ownership 14,598,594 shares Class A Common Stock beneficially owned by Baillie Gifford &

Ownership percentage 4.55 % Percent of Cloudflare Class A common stock held by Baillie Gifford &

Sole voting power 9,125,643 shares Shares for which Baillie Gifford & has sole power to vote

Sole dispositive power 14,598,594 shares Shares for which Baillie Gifford & has sole power to dispose

Amendment number Amendment No. 9 Amendment number of the Schedule 13G/A filing

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, Investment Adviser, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: 14,598,594"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power financial

"Sole power to vote or to direct the vote: 9,125,643"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"Sole power to dispose or to direct the disposition of: 14,598,594"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Investment Adviser regulatory

"foreign regulatory scheme applicable to Investment Adviser is substantially comparable"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

Schedule 13D regulatory

"information that would otherwise be disclosed in a Schedule 13D"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/24/2026 - 10:07 AM Accepted by SEC EDGAR 07/24/2026 - 10:07 AM Learn about SEC filing dates

FAQ

How much of Cloudflare (NET) stock does Baillie Gifford & currently beneficially own?

Baillie Gifford & beneficially owns 14,598,594 shares of Cloudflare Class A common stock, according to Amendment No. 9 to its Schedule 13G/A. This represents a 4.55% stake in the outstanding Class A shares.

What percentage of Cloudflare (NET) does Baillie Gifford & report in this Schedule 13G/A?

Baillie Gifford & reports owning 4.55% of Cloudflare’s Class A common stock. The filing also notes that the position now qualifies as ownership of 5 percent or less of the class under SEC reporting rules.

What voting power does Baillie Gifford & have over its Cloudflare (NET) shares?

Baillie Gifford & has sole voting power over 9,125,643 shares of Cloudflare Class A stock and no shared voting power. This means only that firm may direct votes for those reported shares.

What dispositive power does Baillie Gifford & report over Cloudflare (NET) shares?

Baillie Gifford & reports sole dispositive power over 14,598,594 shares of Cloudflare and no shared dispositive power. Sole dispositive power refers to the authority to sell or otherwise dispose of those shares.

What type of filer is Baillie Gifford & in this Cloudflare (NET) Schedule 13G/A?

Baillie Gifford & is identified as an Investment Adviser and a foreign institution subject to a regulatory scheme it certifies is comparable to U.S. rules. It files on Schedule 13G/A instead of Schedule 13D on that basis.

When was this Baillie Gifford & ownership report for Cloudflare (NET) signed and by whom?

The ownership report was signed on 07/24/2026 by Grant Meikle, who is identified as Regulatory Reporting Manager. The signature certifies the accuracy of the ownership and regulatory statements included.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

Cloudflare, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

18915M107

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 18915M107

1

Names of Reporting Persons

BAILLIE GIFFORD & CO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 9,125,643.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,598,594.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,598,594.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cloudflare, Inc.
(b)	Address of issuer's principal executive offices: 101 TOWNSEND ST., 101 TOWNSEND ST., SAN FRANCISCO, CALIFORNIA, 94107.
Item 2.
(a)	Name of person filing: Baillie Gifford & CO
(b)	Address or principal business office or, if none, residence: 3 Haymarket Square, Edinburgh, EH3 8RY
(c)	Citizenship: Scotland
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: 18915M107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment Adviser
Item 4.	Ownership
(a)	Amount beneficially owned: 14,598,594
(b)	Percent of class: 4.55 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 9,125,643
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 14,598,594
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Adviser is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BAILLIE GIFFORD & CO

Signature:	Grant Meikle
Name/Title:	Regulatory Reporting Manager
Date:	07/24/2026