Cloudflare

A huge share of internet traffic passes through Cloudflare before it ever reaches a website. The company runs a global network that sits in front of its customers' sites and apps, speeding them up with a content-delivery network while blocking denial-of-service attacks, bots and other threats. Founded in 2009 and based in San Francisco, it built its reputation on making security and performance tools cheap and easy enough for anyone, then expanded into a broader platform for running code and storing data at the network edge, close to users. Most revenue comes from businesses paying for those services, with a free tier funneling users toward paid plans. The bull case is that Cloudflare is becoming a default layer of internet infrastructure and a serious edge-computing platform; the debate is whether growth justifies its consistently rich valuation.

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