Cloudflare: Architecting the Agentic Internet and Raising the Financial Bar

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Cloudflare: Architecting the Agentic Internet and Raising the Financial Bar

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Cloudflare

Architecting the Agentic Internet and

Raising the Financial Bar

Reiterate Rating: BUY | PO: 255.00 USD | Price: 236.13 USD

Positioned to Define the Agentic Internet 11 June 2026

Cloudflare’s Investor Day reinforced a clear strategic message: the company believes the Equity

internet is undergoing its most significant platform shift since mobile, with the rise of AI

agents fundamentally changing traffic, infrastructure needs, and monetization models.

Key ChangesCloudflare’s long-standing architectural decisions, particularly its global edge network

and isolate-based compute, were built for this moment, not retrofitted to it. The key (US$) Previous Current

takeaway is that Cloudflare is attempting to move from a security and performance 2027E EPS 1.48 1.84

vendor to a foundational control plane for the agentic internet, sitting between content, 2028E EPS 2.10 2.70

users, and increasingly autonomous demand. If management executes, this reframes

Cloudflare’s role from a feature provider to a platform with pricing power and structural Tal Liani Research Analyst

relevance in a growing AI-driven ecosystem. BofAS

+1 646 855 5107

From Traffic Growth to Transaction Enablement tal.liani@bofa.com

Trevor Dodds

A central theme was how Cloudflare plans to monetize the explosion in AI-driven traffic. Research Analyst

Agent-driven requests are growing exponentially and are already surpassing human BofAS +1 415 940 4065

traffic, with agents interacting with vastly more web resources per task. Today, trevor.dodds@bofa.com

Cloudflare monetizes this through traditional levers, security, performance, and

developer services, but the longer-term opportunity is to monetize the request flow