CWI Holds 41.37M Cloudflare Shares; Sole Voting Power 41.23M

Rhea-AI Filing Summary

Capital World Investors filed a Schedule 13G reporting beneficial ownership of 41,370,740 shares of Cloudflare, Inc. common stock, representing 13.3% of the 310,553,791 shares the filer believes to be outstanding. The filing shows sole voting power for 41,232,883 shares and sole dispositive power for 41,370,740 shares. The reporting entity is a division of Capital Research and Management Company together with specified investment management subsidiaries that operate under the name Capital World Investors.

The filer is classified as an investment adviser (Type IA) and certifies the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer. Item 6 identifies The Growth Fund of America as an account referenced in the filing.

Positive

• Material institutional ownership: Capital World Investors holds 41,370,740 shares (13.3%), signalling significant institutional interest.
• Clarity on powers: Filing specifies sole voting power for 41,232,883 shares and sole dispositive power for 41,370,740 shares.

Negative

• None.

Insights

Financial Analyst

13.3% stake is material but filed as passive; voting and dispositive powers are largely concentrated in the filer.

The filing discloses a sizable institutional position: 41,370,740 shares (13.3%) with 41,232,883 sole voting power and 41,370,740 sole dispositive power. For investors, this confirms significant ownership by a long-only investment adviser rather than an activist. The statement that holdings are in the ordinary course and not intended to influence control suggests no imminent governance contest, but the position is large enough to be meaningful in shareholder votes or block trades.

Corporate Governance Specialist

Institutional ownership at 13.3% warrants attention for governance and voting outcomes despite passive classification.

Capital World Investors is identified as an investment adviser (Type IA) and the filing names related investment management entities collectively operating under the Capital World Investors banner. The disclosure that the securities were not acquired to influence control is standard for a Schedule 13G, yet the near-equivalence of sole voting and dispositive power (41.23M votes, 41.37M dispositive) means the filer effectively controls voting for its stake and could materially affect close shareholder votes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Cloudflare, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

18915M107

(CUSIP Number)

06/30/2025

(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

Capital World Investors

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 41,232,883.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 41,370,740.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

41,370,740.00

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)

13.3 %

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 Street, San Francisco, CA 94107, United States of America
Item 2.
(a)	Name of person filing: Capital World Investors
(b)	Address or principal business office or, if none, residence: 333 SOUTH HOPE STREET, 55TH FLOOR, LOS ANGELES, CALIFORNIA 90071
(c)	Citizenship: N/A
(d)	Title of class of securities: 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).
Item 4.	Ownership
(a)	Amount beneficially owned: 41,370,740 ** **Capital World Investors ("CWI") is a division of Capital Research and Management Company ("CRMC"), as well as its investment management subsidiaries and affiliates Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., Capital Group Private Client Services, Inc., and Capital Group Investment Management Private Limited (together with CRMC, the "investment management entities"). CWI's divisions of each of the investment management entities collectively provide investment management services under the name "Capital World Investors." CWI is deemed to be the beneficial owner of 41,370,740 shares or 13.3% of the 310,553,791 shares believed to be outstanding.
(b)	Percent of class: 13.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 41,232,883
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 41,370,740
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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. The Growth Fund of America
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.

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.

Capital World Investors

Signature:	Timothy J. Moon
Name/Title:	Vice President and Senior Counsel, Capital Research and Management Company
Date:	08/04/2025

FAQ

How many Cloudflare (NET) shares does Capital World Investors report owning?

41,370,740 shares as reported in the Schedule 13G.

What percentage of Cloudflare outstanding stock does this represent?

13.3% of the 310,553,791 shares the filer believes to be outstanding.

How much voting power does Capital World Investors report?

The filer reports sole voting power for 41,232,883 shares and shared voting power of 0 shares.

Does the filing indicate an intent to influence control of Cloudflare?

No. The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Who is the reporting person and how are they organized?

The reporting person is Capital World Investors, a division of Capital Research and Management Company together with specified investment management subsidiaries operating under that name.