# EDGAR Filing Document

**Accession Number:** 0001477333
**File Stem:** 0001477333-26-000018
**Filing Date:** 2026-2
**Character Count:** 31350
**Document Hash:** 7a5fe180c7485e1fa47b1fb24c763bdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477333-26-000018.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001477333-26-000018

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cloudflare, Inc.
- **CENTRAL INDEX KEY:** 0001477333
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 270805829
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293798
- **FILM NUMBER:** 26689423

**BUSINESS ADDRESS:**
- **STREET 1:** 101 TOWNSEND ST.
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107
- **BUSINESS PHONE:** 888.993.5273

**MAIL ADDRESS:**
- **STREET 1:** 101 TOWNSEND ST.
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CloudFlare, Inc.
- **DATE OF NAME CHANGE:** 20091120

**As filed with the Securities and Exchange Commission on February 26, 2026**

**Registration No. 333-**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**<br>

**FORM S-8**

**REGISTRATION STATEMENT**

***Under***

***The Securities Act of 1933***<br>

**Cloudflare, Inc.**

**(Exact name of registrant as specified in its charter)**<br>

---

| | |
|:---|:---|
| **Delaware** | **27-0805829** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

<u><br></u>

**Cloudflare, Inc.**

**101 Townsend Street**

**San Francisco, California 94107**

**(Address of principal executive offices, including zip code)**<br>

**2019 Equity Incentive Plan**

**Amended and Restated 2019 Employee Stock Purchase Plan**

**(Full title of the plan)**<br>

**Matthew Prince**

**Chief Executive Officer**

**Cloudflare, Inc.**

**101 Townsend Street**

**San Francisco, California 94107**

**(Name and address of agent for service)**<br>

**(888) 993-5273**

**(Telephone number, including area code, of agent for service)**<br>

------

***Copies to:***

---

| | |
|:---|:---|
| **Allison B. Spinner, Esq.**<br>**Bryan D. King, Esq.**<br>**Wilson Sonsini Goodrich & Rosati, P.C.**<br>**650 Page Mill Road**<br>**Palo Alto, California 94304**<br>**(650) 493-9300** | **Douglas J. Kramer, Esq.**<br>**Chad A. Skinner, Esq.**<br>**Cloudflare, Inc.**<br>**101 Townsend Street**<br>**San Francisco, California 94107**<br>**(888) 993-5273** |

---

<u><br></u>

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer" "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE**

Cloudflare, Inc. (the "**Registrant**") is filing this Registration Statement on Form S-8 ("**Registration Statement**") with the Securities and Exchange Commission (the "**Commission**") to register (i) 17,594,303 additional shares of its Class A common stock under the 2019 Equity Incentive Plan, as amended (the "**2019 Plan**"), pursuant to the provisions of the 2019 Plan providing for an automatic increase in the number of shares of Class A common stock reserved and available for issuance under the 2019 Plan on January 1, 2026 and (ii) 3,518,860 additional shares of its Class A common stock under the Amended and Restated 2019 Employee Stock Purchase Plan (the "**2019 ESPP**"), pursuant to the provisions of 2019 ESPP providing for an automatic increase in the number of shares of Class A common stock reserved and available for issuance under the 2019 ESPP on January 1, 2026.

These additional shares of Class A common stock are securities of the same class as other securities for which the Registration Statement on <u>[Form S-8](https://www.sec.gov/Archives/edgar/data/1477333/000119312519244741/d795321ds8.htm)</u> (File No. 333-233743) ("**Prior Form S-8**") was filed with the Commission on September 13, 2019.

**PART I**

**INFORMATION REQUIRED IN THE PROSPECTUS**

In accordance with the provisions of Rule 428 under the Securities Act and the instructional note to Part I of Form S-8 as promulgated by the Commission, the information specified by Part I of the Form S-8 has been omitted from this Registration Statement. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the equity benefit plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.

------

**PART II**

**INFORMATION REQUIRED IN REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The Registrant hereby incorporates by reference into this Registration Statement the following documents previously filed with the Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Annual Report on Form <u>[10-K](https://www.sec.gov/Archives/edgar/data/1477333/000147733326000016/cloud-20251231.htm)</u> for the fiscal year ended December 31, 2025, filed with the Commission on February 26, 2026 (the "**Annual Report**"), pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)All other reports filed by the Registrant with the Commission pursuant to Sections 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Annual Report (other than the portions of these documents not deemed to be filed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The description of the Registrant's Class A common stock contained in the Company's Registration Statement on <u>[Form 8-A](https://www.sec.gov/Archives/edgar/data/1477333/000119312519241824/d939304d8a12b.htm)</u> (File No. 001-39039) filed with the Commission on September 10, 2019, pursuant to Section 12(b) of the Exchange Act, including any amendment or report filed for the purpose of updating such description.

All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; *provided*, *however*, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Pursuant to General Instruction E to Form S-8, the contents of the Prior Form S-8 are incorporated herein by reference and made a part hereof.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Section 145 of the Delaware General Corporation Law authorizes a corporation's board of directors to grant, and authorizes a court to award, indemnity to officers, directors, and other corporate agents.

The Registrant's amended and restated certificate of incorporation contains provisions that limit the liability of its directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, the Registrant's directors will not be personally liable to the Registrant or its stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any breach of their duty of loyalty to the Registrant or its stockholders;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction from which they derived an improper personal benefit.

Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission, or claim that occurred or arose prior to that amendment or repeal. If the Delaware General Corporation Law is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of the Registrant's directors will be further limited to the greatest extent permitted by the Delaware General Corporation Law.

In addition, the Registrant's amended and restated bylaws provide that the Registrant will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that he or she is or was one of the Registrant's directors or officers or is or was serving at the Registrant's request as a director or officer of another corporation, partnership, joint venture, trust, or other enterprise. The Registrant's amended and restated bylaws provide that the Registrant may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that he or she is or was one of the Registrant's employees or agents or is or was serving at the Registrant's request as an employee or agent of another corporation, partnership, joint venture, trust, or other enterprise. The Registrant's amended and restated bylaws also provide that the Registrant must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

Further, the Registrant has entered into indemnification agreements with each of its directors and executive officers that may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements require the Registrant, among other things, to indemnify its directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require the Registrant to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit, or proceeding. The Registrant believes that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

The limitation of liability and indemnification provisions in the Registrant's amended and restated certificate of incorporation, amended and restated bylaws, and the indemnification agreements that the Registrant has entered into with its directors and executive officers may discourage stockholders from bringing a lawsuit against the Registrant's directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against the Registrant's directors and executive officers, even though an action, if successful, might benefit the Registrant and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that the Registrant pays the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. At present, the Registrant is not aware of any pending litigation or proceeding involving any person who is or was one of the Registrant's directors, officers, employees, or other agents or is or was serving at its request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, for which indemnification is sought, and the Registrant is not aware of any threatened litigation that may result in claims for indemnification.

The Registrant has obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to the Registrant's directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to the Registrant with respect to payments that may be made by the Registrant to these directors and executive officers pursuant to its indemnification obligations or otherwise as a matter of law.

Certain of the Registrant's non-employee directors may, through their relationships with their employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of the Registrant's Board of Directors.

------

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 4.1 (1) | <u>[Form of Class A common stock certificate.](https://www.sec.gov/Archives/edgar/data/1477333/000119312519222176/d735023dex41.htm)</u> |
| 4.2 (2) | <u>[2019 Equity Incentive Plan, as amended, and related form agreements.](https://www.sec.gov/Archives/edgar/data/1477333/000147733324000013/ex1022019equityincentivepl.htm)</u> |
| 4.3 (3) | <u>[Amended and Restated 2019 Employee Stock Purchase Plan and related form agreements.](https://www.sec.gov/Archives/edgar/data/1477333/000147733323000064/ex102amendedandrestatedespp.htm)</u> |
| 5.1\* | <u>[Opinion of Wilson Sonsini Goodrich & Rosati, Professional Corporation.](exhibit512026.htm)</u> |
| 23.1\* | <u>[Consent of KPMG LLP, Independent Registered Public Accounting Firm.](exhibit2312026.htm)</u> |
| 23.2\* | <u>[Consent of Wilson Sonsini Goodrich & Rosati, Professional Corporation (contained in Exhibit 5.1).](exhibit512026.htm)</u> |
| 24.1\* | <u>[Power of Attorney (contained on signature page hereto).](#i36b58df35be044e18625411e209b0cb7_203)</u> |
| 107\* | <u>[Filing Fee Table.](exfilingfees.htm)</u> |

---

____________

(1)Incorporated by reference to Exhibit 4.1 filed with the Registrant's Registration Statement on Form S-1 (Registration No. 333-233296), filed with the Commission on August 15, 2019.

(2)Incorporated by reference to Exhibit 10.2 filed with the Registrant's Annual Report on Form 10-K, filed with the Commission on February 21, 2024.

(3)Incorporated by reference to Exhibit 10.2 filed with the Registrant's Quarterly Report on Form 10-Q, filed with the Commission on November 2, 2023.

\* Filed herewith.

**Item 9. Undertakings.**

A.The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee" table in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.

*Provided, however*, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)It will remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

B.The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrants annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

C.Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Francisco, State of California, on February 26, 2026.

---

| | |
|:---|:---|
| **CLOUDFLARE, INC.** | **CLOUDFLARE, INC.** |
| By: | /s/ Matthew Prince |
|  | Matthew Prince |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Matthew Prince, Michelle Zatlyn, Thomas Seifert, and Douglas Kramer, and each one of them, as his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in their name, place and stead, in any and all capacities, to sign this Registration Statement on Form S-8 and any and all amendments thereto (including post-effective amendments), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact, and agents or any of them, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the dates indicated.

------

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Matthew Prince | Chief Executive Officer and Co-Chair | February 26, 2026 |
| Matthew Prince | *(Principal Executive Officer)* |  |
| /s/ Thomas Seifert | Chief Financial Officer | February 26, 2026 |
| Thomas Seifert | *(Principal Financial Officer)* |  |
| /s/ Janel Riley | Chief Accounting Officer | February 26, 2026 |
| Janel Riley | *(Principal Accounting Officer)* |  |
| /s/ Michelle Zatlyn | President and Co-Chair | February 26, 2026 |
| Michelle Zatlyn |  |  |
| /s/ Stacey Cunningham | Director | February 26, 2026 |
| Stacey Cunningham |  |  |
| /s/ John Graham-Cumming | Director | February 26, 2026 |
| John Graham-Cumming |  |  |
| /s/ Mark Hawkins | Director | February 26, 2026 |
| Mark Hawkins |  |  |
| /s/ Karim Lakhani | Director | February 26, 2026 |
| Karim Lakhani |  |  |
| /s/ Carl Ledbetter | Director | February 26, 2026 |
| Carl Ledbetter |  |  |
| /s/ Scott Sandell | Director | February 26, 2026 |
| Scott Sandell |  |  |
| /s/ Katrin Suder | Director | February 26, 2026 |
| Katrin Suder |  |  |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? exfilingfees

**Exhibit 107**

---

| |
|:---|
| **Calculation of Filing Fee Tables** |
| **Form S-8** |
| (Form Type) |
| **Cloudflare, Inc.** |
| (Exact name of registrant as specified in its charter) |

---

**______________________**

**Table 1 — Newly Registered Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Amount<br>Registered (1)** | **Amount<br>Registered (1)** | **Proposed<br>Maximum<br>Offering Price<br>Per Unit** | **Proposed<br>Maximum<br>Offering Price<br>Per Unit** | **Maximum<br>Aggregate<br>Offering Price** | **Fee Rate** | **Amount of<br>Registration Fee** |
| Equity | Class A common stock, $0.001 par value per share, reserved for issuance pursuant to the 2019 Equity Incentive Plan, as amended | Other | 17594303 | (2) | $163.19 | (4) | $2871214306.57 | $138.10 per million dollars | $396515.00 |
| Equity | Class A common stock, $0.001 par value per share, reserved for issuance pursuant to the Amended and Restated 2019 Employee Stock Purchase Plan | Other | 3518860 | (3) | $138.72 | (5) | $488136259.20 | $138.10 per million dollars | $67412.00 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  |  | $3359350565.77 |  | $463927 |
| Total Fee Offsets (6) | Total Fee Offsets (6) | Total Fee Offsets (6) | Total Fee Offsets (6) | Total Fee Offsets (6) |  |  |  |  | $— |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  |  | $**463927** |

---

(1)Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "**Securities Act**"), this Registration Statement covers any additional shares of the Registrant's Class A common stock ("**Class A common stock**") that become issuable under the Registrant's 2019 Equity Incentive Plan, as amended (the "**2019 Plan**") and the Registrant's Amended and Restated 2019 Employee Stock Purchase Plan (the "**2019 ESPP**") by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration that results in an increase in the number of outstanding shares of Class A common stock.

(2)Represents shares of Class A common stock that were automatically added to the shares reserved for issuance under the 2019 Plan on January 1, 2026 pursuant to an "evergreen" provision contained in the 2019 Plan. Pursuant to such provision, the number of shares reserved for issuance under the 2019 Plan automatically increases on the first day of each fiscal year beginning with the 2021 fiscal year, in the amount equal to the least of: (i) 29,335,000 shares of Class A common stock, (ii) five percent (5%) of the total number of shares of the Registrant's Class A common stock and Class B common stock ("**Class B common stock**") issued and outstanding on the last day of the immediately preceding fiscal year, and (iii) a lesser number of shares of Class A common stock as determined by the administrator of the 2019 Plan.

(3)Represents shares of Class A common stock that were automatically added to the shares reserved for issuance under the 2019 ESPP on January 1, 2026 pursuant to an "evergreen" provision contained in the 2019 ESPP. Pursuant to such provision, the number of shares reserved for issuance under the 2019 ESPP automatically increases on the first day of each fiscal year beginning with the 2021 fiscal year, in the amount equal to the least of: (i) 5,870,000 shares of Class A common stock, (ii) one percent (1%) of the outstanding shares of the Registrant's Class A common stock and Class B common stock issued and outstanding on the last day of the immediately preceding fiscal year, or (iii) a lesser number of shares of Class A common stock determined by the administrator of the 2019 ESPP.

(4)Estimated in accordance with Rule 457(c) and (h) under the Securities Act solely for the purpose of calculating the registration fee on the basis of $163.19 per share, which is the average of the high and low prices of Class A common stock on February 24, 2026, as reported on the New York Stock Exchange.

(5)Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee on the basis of 85% of $163.19, which is the average of the high and low prices of Class A common stock on February 24, 2026, as reported on the New York Stock Exchange. Pursuant to the 2019 ESPP, the purchase price of the shares of Class A common stock reserved for issuance thereunder will be at least 85% of the lower of the fair market value of Class A common stock on the Enrollment Date or the Exercise Date (as such terms are defined in the 2019 ESPP).

(6)The Registrant does not have any fee offsets.

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![image_1.jpg](image_1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilson Sonsini Goodrich & Rosati<br>Professional Corporation<br>650 Page Mill Road<br>Palo Alto, California 94304-1050<br>o: 650.493.9300<br>f: 866.974.7329 |

---

February 26, 2026

Cloudflare, Inc.

101 Townsend Street

San Francisco, CA 94107

**Re: Registration Statement on Form S-8**

Ladies and Gentlemen:

We have examined the Registration Statement on Form S-8 (the "**Registration Statement**") to be filed by Cloudflare, Inc., a Delaware corporation (the "**Company**"), with the Securities and Exchange Commission on or about the date hereof, relating to the registration under the Securities Act of 1933, as amended, of an aggregate of 21,113,163 shares of the Company's Class A common stock, par value $0.001 per share (the "**Shares**"), consisting of: (i) 17,594,303 shares of Class A common stock to be issued under the 2019 Equity Incentive Plan, as amended, and (ii) 3,518,860 shares of Class A common stock to be issued under the Amended and Restated 2019 Employee Stock Purchase Plan (collectively, the "**Plans**"). As your legal counsel, we have reviewed the actions proposed to be taken by you in connection with the issuance and sale of the Shares to be issued under the Plans.

On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when issued and sold in the manner referred to in the Plans and pursuant to the agreements that accompany the Plans, will be legally and validly issued, fully paid, and nonassessable.

We consent to the use of this opinion as an exhibit to the Registration Statement, and further consent to the use of our name wherever appearing in the Registration Statement and any amendments thereto.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Wilson Sonsini Goodrich & Rosati |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WILSON SONSINI GOODRICH & ROSATI |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional Corporation |

---

AUSTIN BOSTON BOULDER BRUSSELS HONG KONG LONDON LOS ANGELES NEW YORK PALO ALTO<br>SALT LAKE CITY SAN DIEGO SAN FRANCISCO SEATTLE SHANGHAI WASHINGTON, DC WILMINGTON, DE

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated February 26, 2026, with respect to the consolidated financial statements of Cloudflare, Inc., and the effectiveness of internal control over financial reporting, incorporated herein by reference.

/s/ KPMG LLP

Santa Clara, California

February 26, 2026

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