Well, you should consider that they plan to spend ALL of that cash on hand, PLUS the amount they have to borrow. And they plan to spend all of that in 2026. Their capex expenditures are planned to exceed their estimated operating cash flow.

100 year bonds to finance purchase of GPUs that fully depreciate in 5 years?

I’m using my own LetsEncrypt certs for TLS with cloudflare free. I too wonder how I’m the product in this scenario.

I always assumed it was a loss leader play: the more selfhost type people are using cloudflare at home, the more likely they are to recommend and implement it at work, on a paid tier.

It’s already been pulled. All 4 major networks in my area have had the flags enabled on their 4k streams for months now.