On June 11, 2025, Cloudflare, Inc. reported issuing $2 billion in 0% Convertible Senior Notes due 2030 and amended its credit agreement to improve its leverage ratio. The convertible notes will allow for conversion into approximately 4.04 shares of Class A stock per $1,000, at a conversion price of about $247.67, representing a premium of 45% over the stock’s price of $170.81 on June 12, 2025.