"In the short term the market is a popularity contest; in the long term it is a weighing machine." - Warren Buffett

Here's the valuation though. Percentage of total web traffic going through Cloudflare.

- 2016 ~3.9%

- 2017 ~5.3%

- 2018 ~6.6%

- 2019 ~7.6%

- 2020 ~11.2%

- 2021 ~15.4%

- 2022 ~19.4%

- 2023 ~18.0%

- 2024 ~18.9%

- 2025 ~19.2%

- 2026 (early) ~20.9% (with later snapshots higher, up to the mid-to-high 20s)

Combine that with consistently excellent execution and popularity, you get the valuation.