Baillie Gifford reports 5.3% Cloudflare (NET) stake

Rhea-AI Filing Summary

Cloudflare, Inc. disclosed that investment adviser Baillie Gifford & Co has filed Amendment No. 8 to a Schedule 13G for its Class A common stock. As of December 31, 2025, Baillie Gifford beneficially owned 16,823,947 shares, representing about 5.3% of the class.

Baillie Gifford reported sole voting power over 11,073,167 shares and sole dispositive power over all 16,823,947 shares, with no shared voting or dispositive power. The shares are held in the ordinary course of business on behalf of investment advisory clients and are not held to influence control of Cloudflare.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

Cloudflare, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

18915M107

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 11,073,167.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,823,947.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,823,947.00

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)

5.3 %

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: Calton Square 1 Greenside Row Edinburgh EH1 3AN Scotland UK
(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: 16,823,947
(b)	Percent of class: 5.34 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 11,073,167
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 16,823,947
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Securities reported on this Schedule 13G as being beneficially owned by Baillie Gifford & Co. are held by Baillie Gifford & Co. and/or one or more of its investment adviser subsidiaries, which may include Baillie Gifford Overseas Limited, on behalf of investment advisory clients, which may include investment companies registered under the Investment Company Act, employee benefit plans, pension funds or other institutional clients
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:	01/20/2026

FAQ

What percentage of Cloudflare (NET) does Baillie Gifford currently own?

Baillie Gifford & Co reports beneficial ownership of about 5.3% of Cloudflare’s Class A common stock. This equals 16,823,947 shares as of December 31, 2025, according to Amendment No. 8 to its Schedule 13G filing.

How many Cloudflare (NET) shares does Baillie Gifford control for voting?

Baillie Gifford & Co has sole voting power over 11,073,167 Cloudflare Class A shares. It reports no shared voting power, indicating only Baillie Gifford can vote these shares or direct their voting under the Schedule 13G disclosure.

How many Cloudflare (NET) shares can Baillie Gifford sell or dispose of?

Baillie Gifford & Co has sole dispositive power over 16,823,947 Cloudflare Class A shares. This means it can decide how and when these shares are sold or otherwise disposed of, with no shared dispositive authority reported.

Is Baillie Gifford’s Cloudflare (NET) stake held to influence control?

Baillie Gifford states the Cloudflare shares were acquired and are held in the ordinary course of business, not to change or influence control of the company. The position is reported on Schedule 13G rather than the more activist Schedule 13D.

In what capacity does Baillie Gifford hold Cloudflare (NET) shares?

Baillie Gifford & Co holds Cloudflare shares as an investment adviser on behalf of advisory clients. These clients can include investment companies, employee benefit plans, pension funds, or other institutional investors, with Baillie Gifford managing the positions for them.

Where is Baillie Gifford, the Cloudflare (NET) shareholder, based?

Baillie Gifford & Co, which reported the Cloudflare stake, is organized in Scotland. Its principal business office is at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, as disclosed in the Schedule 13G amendment.