Cloudflare, Inc.
NETQ1 2024(NET Q4 FY2023)Estimated0.5% AI
AI Revenue %
0.5%
AI Fair Value
$162.3M
AI Revenue (Q)
$1.7M
Total Revenue (Q)
$335.6M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
NET Q4 CY2023 (ended Dec 31, 2023). 10-K filing. Full year 2023 revenue = $1,296,745K ($1,296.7M), implied Q4 revenue ~$362.4M ($1,296.7M - $290.2M - $308.5M - $335.6M). Workers AI, AI Gateway, and Vectorize launched in Sep 2023 and had their first full quarter of availability. However, Workers AI initially offered free inference tiers and usage-based pricing was in beta. AI Gateway (proxy/caching for AI API calls) was free. Vectorize was in beta. Cloudflare did not disclose any AI-specific revenue figures. CEO Matthew Prince discussed AI as a growth opportunity on earnings calls but provided no dollar figures. Conservative estimate: ~$1.8M from early Workers AI paid usage and enterprise customers testing AI inference. Math: $1.8M / $362.4M = 0.50%.
Analyzed by claude-opus-4-6
Quoted Figures
The Company has determined it has a single operating segment.
10-K for fiscal year ending Dec 31, 2023, Note 14 Segment and Geographic Information
AI Products Identified (Ring 1)
Workers AIAI GatewayVectorize
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
R2 storage (used for AI model weights by some customers)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix