As of FY2024, Cloudflare serves 35% of Fortune 500 companies, reaches ~95% of internet users within ~50ms globally, and operates at a 77% GAAP gross margin with a 42%+ revenue CAGR (FY2019–FY2024). These strong fundamentals set the stage for our discounted cash flow (DCF) analysis, examining whether Cloudflare can feasibly grow to $5 billion in Annual Recurring Revenue (ARR) by 2028. We forecast Cloudflare’s financials over 2025–2028 and discount the cash flows to present value, testing key a...