Cloudflare, the San Francisco-based internet infrastructure company, plans to raise $2.18 billion through a private placement of convertible senior notes. This marks the third such operation in five years, following offerings of $1.125 billion in August 2021 and $2 billion in June 2025. The company currently has $1.29 billion in notes maturing in August 2026 and $2 billion in notes due 2030. If this new issuance proceeds, total outstanding convertible notes will reach approximately $5.3 billion. The proceeds are expected to fund general corporate purposes, including working capital, potential acquisitions, and infrastructure expansion.
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