NET: OpenAI Incorporating Cloudflare for Sites

Research evidence excerpt

NET: OpenAI Incorporating Cloudflare for Sites

Equity Research

Flash Comment — June 4, 2026

Software

Cloudflare Inc.

OpenAI Incorporating Cloudflare for Sites Overweight

Price Target: $270.00

Ticker NET

Our Call Upside/(Downside) to Target 1.8%

OpenAI recently announced Sites (link), allowing users to build and deploy hosted sites Price (06/03/2026) $265.33

from Codex. The documentation (link) reveals that newly created sites are Cloudflare infra 52 Week Range $158.83 - 274.63

compatible (Workers, D1, R2). Market Cap (MM) $93,562

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

View this as a vote of confidence in NET's platform. While early, we believe Sites could Ryan MacWilliams, CFA

present an oppty for NET to further scale with OpenAI, as Codex has rapidly reached 5 mil Equity Analyst | Wells Fargo Securities, LLC

Ryan.MacWilliams@wellsfargo.com | 212-214-1192

active users (link). Sites will start by rolling out as a preview for business and enterprise

OpenAI customers. OpenAI also updated its sub-processor list (link) on June 2, adding Zeeshan Rauf

"Web Hosting" as a processing purpose for Cloudflare to support ChatGPT Sites hosting. Associate Equity Analyst | Wells Fargo Securities, LLC Zeeshan.Rauf@wellsfargo.com | 212-214-1120

Chris Brazeau

• Cloudflare is currently the only listed OpenAI sub-processor being utilized for hosting Associate Equity Analyst | Wells Fargo Securities, LLC

of ChatGPT Sites Chris.Brazeau@wellsfargo.com | 929-767-5658

Cyrus Motakef

Documentation wording: "Sites hosts projects that build Cloudflare Worker-compatible Associate Equity Analyst | Wells Fargo Securities, LLC Cyrus.Motakef@wellsfargo.com | 212-214-3334

output as ES modules.