 as of 2025.){kind=link}
At the heart of many modern web-services conversations is the question: who owns Cloudflare? As of today, November 18, 2025, here’s the latest and most accurate breakdown of ownership, control and governance at Cloudflare, Inc. (NYSE: NET), tailored for a U.S. audience and grounded in current verified data.
Founders & Founding Ownership Structure
Cloudflare was founded in July 2009 by Matthew Prince, Lee Holloway and Michelle Zatlyn.
From the beginning, the company adopted a dual-class share structure allowing the founders to retain disproportionate voting power even if they did not hold a majority of economic ownership.
Public Ownership & Major Institutional Shareholders
Cloudflare is a publicly traded company, listed on the New York Stock Exchange under the ticker NET.
According to various data sources:
- Institutional investors (mutual funds, ETFs, other large holders) hold a significant portion of the outstanding shares. For example, one dataset reports about 63.48% of shares owned by institutional investors.
- Major individual institutional shareholders include:
- Capital Research & Management Company (also known as World Investors) – approximately 11.7%.
- The Vanguard Group, Inc. – about 9.23%.
- BlackRock, Inc. – approximately 6.44%.
These figures reflect the largest disclosed holders of record.
Insider/Founder Ownership & Voting Control
Although broad economic (share value) ownership is concentrated with institutional investors, the founders retain meaningful influence via voting rights and board control.
- Matthew Prince (CEO and co-founder) holds a stake reported at around 7.74% of shares outstanding.
- Michelle Zatlyn (co-founder and President) also holds a multi-percent stake (specific figure varies by source).
- Insiders collectively (executives and board members) hold a minority of the total shares, but thanks to the dual-class share structure, hold a disproportionate amount of voting power.
Control & Corporate Governance
Because of the dual-class share structure, the founders are able to maintain control of corporate governance despite not owning the majority of economic value:
- One class of founder shares carries multiple votes per share; the public class typically carries one vote per share.
- Board composition shows Matthew Prince as Chairman; Michelle Zatlyn also serving in top leadership roles.
Therefore, when the question “who owns Cloudflare” is asked, it requires distinguishing between: (1) who holds the economic (value) ownership via shares, and (2) who holds the voting/control ownership.
Summary Table: Ownership Highlights (as of late 2025)
| Metric | Approximate Value | Notes |
|---|---|---|
| Major institutional holders (top 3) | ~11.7% (Capital Research) + ~9.2% (Vanguard) + ~6.4% (BlackRock) | See above numbers from shareholder disclosure data |
| Institutional ownership (overall) | ~50%–80% | Varies by source, one report ~63% |
| Insider/founder economic ownership | ~10% (or slightly more) | Insiders hold a significant but minority share of economic ownership |
| Founder voting/control power | Majority of voting/control via dual-class shares | Indicates founders’ ongoing influence despite economic minority ownership |
Why This Matters for U.S. Investors & the Public
Understanding who owns Cloudflare is relevant because:
- The fact that the founders retain control means strategic decisions (including for U.S. operations, data policy, security direction) remain aligned with their vision rather than purely short-term market pressures.
- Institutional ownership dominance means large funds influence the stock’s performance, liquidity and sometimes strategic oversight.
- Investors in the U.S. who buy NET shares are acquiring Class A public shares (with one vote each) and are subject to the trading and regulatory environment for publicly listed U.S. companies.
Key Takeaways
- The term “ownership” in the context of Cloudflare splits into two main ideas: economic ownership (who owns the value via shares) vs. voting/control ownership (who governs the company).
- Economically, the majority of shares are held by institutions (mutual funds, ETFs, large asset-managers).
- Founders (especially Matthew Prince and Michelle Zatlyn) retain substantial voting/control through a dual-class structure, even though their economic share may be a minority.
- For a U.S. audience: If you buy NET shares, you own part of the economic value of the company—but governance remains firmly in founder hands.
- Because the ownership distribution is dynamic (share sales, institutional repositioning, regulatory filings), numbers shift quarter-to-quarter.
Final Word
When someone asks “who owns Cloudflare”, the full answer is: The majority of economic ownership lies with institutions, while governance and control rest primarily with the founding executive team via a dual-class structure. For U.S. investors and observers, having this clear understanding helps contextualize how the public shares relate to decision-making and company direction.
What do you think about how Cloudflare is owned and governed? Feel free to share your thoughts or stay tuned for more updates.