---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-060250"
form_type: "8-K"
ticker: "NET"
cik: "0001477333"
company_name: "Cloudflare, Inc."
filed_at: "2025-06-17T23:59:59+00:00"
generated_at: "2026-05-19T04:32:35.799597+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Cloudflare issues $2.0B zero-coupon convertible notes due 2030; conversion premium 45%

## Summary
- $2.0B aggregate principal of 0% Convertible Senior Notes due 2030; net proceeds ~$1.971B after discounts and expenses.
- Initial conversion price ~$247.67/share (45% premium to $170.81 closing on June 12).
- Used ~$283.4M of proceeds to enter capped call transactions with cap price ~$469.73/share (175% premium).
- Remainder for general corporate purposes, including working capital, capex, debt repayment, or acquisitions.
- Credit agreement amended to allow deduction of up to $1.0B of convertible indebtedness (beyond 2026 notes) from net leverage ratio.

## SEC filing metadata
- accession: 0001104659-25-060250
- form_type: 8-K
- ticker: NET
- cik: 0001477333
- company_name: Cloudflare, Inc.
- filed_at: 2025-06-17T23:59:59+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/1477333/000110465925060250/0001104659-25-060250-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1477333/000110465925060250/tm2518033d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-060250
- JSON: https://secwatch.observer/filing/0001104659-25-060250.json
- Plain text: https://secwatch.observer/filing/0001104659-25-060250.txt

## Key facts
- Debt Financings
  Cloudflare, Inc. incurred convertible notes of $2.0 billion aggregate principal amount at 0% maturing June 15, 2030.
  - Instrument: convertible notes
  - Principal: $2.0 billion aggregate principal amount
  - Rate: 0%
  - Maturity: June 15, 2030
  - Event: incurrence
  source text: On June 17, 2025, Cloudflare, Inc. (the “Company”) issued $2.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (the “Notes”) pursuant to an indenture, dated June 17, 2025 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1477333/000110465925060250/0001104659-25-060250-index.htm

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