Baillie Gifford discloses 6.98% passive stake in Cloudflare

Rhea-AI Filing Summary

Baillie Gifford & Co filed Amendment No. 7 to Schedule 13G reporting a passive stake in Cloudflare, Inc. (Class A).

The firm reports beneficial ownership of 21,848,740 shares, representing 6.98% of the class as of the event date. It has sole voting power over 14,643,495 shares and sole dispositive power over 21,848,740 shares, with no shared voting or dispositive power disclosed. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

The date of event triggering the filing is 09/30/2025. Baillie Gifford is identified as an Investment Adviser under Rule 13d‑1(b), and the CUSIP is 18915M107.

Insights

Equity Ownership Analyst

Routine 13G/A update: passive 6.98% stake in Cloudflare.

Baillie Gifford & Co reports 21,848,740 Class A shares of Cloudflare, or 6.98%. The firm holds sole voting power on 14,643,495 shares and sole dispositive power on 21,848,740 shares, with no shared powers. This aligns with passive ownership under Schedule 13G.

The certification states the position was acquired and is held in the ordinary course and not to influence control, consistent with 13d-1(b) categorizations for investment advisers. Cash-flow implications are not part of this disclosure.

The report reflects holdings as of 09/30/2025. Subsequent filings may update ownership levels if they change materially.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Cloudflare, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

18915M107

(CUSIP Number)

09/30/2025

(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

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 14,643,495.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 21,848,740.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,848,740.00

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)

7.0 %

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: 21,848,740
(b)	Percent of class: 6.98 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 14,643,495
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 21,848,740
	(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. 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:	11/12/2025

FAQ

What stake in Cloudflare (NET) does Baillie Gifford report?

Baillie Gifford & Co reports 21,848,740 Class A shares, representing 6.98% of the class.

What voting and dispositive powers are disclosed in this 13G/A?

It has sole voting power over 14,643,495 shares and sole dispositive power over 21,848,740 shares, with no shared powers.

Is Baillie Gifford’s position in NET passive or active?

The filing certifies a passive position held in the ordinary course of business, not to influence control.

What is the event date for this ownership report?

The event date is 09/30/2025.

How is Baillie Gifford classified in this filing?

It is classified as an Investment Adviser under Rule 13d‑1(b).

What is the CUSIP for Cloudflare’s Class A shares?

The CUSIP is 18915M107.