---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-26-012340"
form_type: "8-K"
ticker: "NET"
cik: "0001477333"
company_name: "Cloudflare, Inc."
filed_at: "2026-08-13T21:01:16+00:00"
generated_at: "2026-08-13T21:03:15.507016+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Cloudflare raises $2.5B in 0% convertible notes due 2031; conversion premium 60%

## Summary
- $2.5B aggregate principal of 0% convertible senior notes due 2031; net proceeds ~$2.462B.
- Initial conversion price $496.94/share, ~60% premium to $310.59 close on Aug 10, 2026.
- $259.5M used for capped call transactions; remainder for general corporate purposes.
- Notes mature Aug 15, 2031; redeemable after Aug 20, 2029 under conditions.
- Credit agreement amended to cap cash deduction at $2.0B in leverage ratio.

## SEC filing metadata
- accession: 0000950103-26-012340
- form_type: 8-K
- ticker: NET
- cik: 0001477333
- company_name: Cloudflare, Inc.
- filed_at: 2026-08-13T21:01:16+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1477333/000095010326012340/0000950103-26-012340-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1477333/000095010326012340/dp251721_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-26-012340
- JSON: https://secwatch.observer/filing/0000950103-26-012340.json
- Plain text: https://secwatch.observer/filing/0000950103-26-012340.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.