# Who are Cloudflare's customers? Who does Cloudflare earn revenue from?
Canonical: https://valuechain.wiki/cloudflare · Facet: customers · Updated: 2026-07-12T08:23:07.86259+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Cloudflare discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).

### 기업·개발자 (커넥티비티 클라우드) (high)
- metric: Revenue $2.2B · FY2025 · 10-K annual revenue
- note: Connectivity-cloud and security sales to enterprises/developers are the revenue core — Q4 $614.5M (+34%). Subscription-based, giving earnings visibility, and the developer base is the on-ramp into Workers AI.
- [confirms] Cloudflare (SEC EDGAR) (EN, filing, published 2026-02-26) https://www.sec.gov/Archives/edgar/data/1477333/000147733326000016/cloud-20251231.htm: "Cloudflare FY2025 revenue $2,167.9 million; Q4 revenue $614.5M (+34%)."
- [confirms] Nasdaq (EN, research, published 2026-02-01) https://www.nasdaq.com/articles/can-cloudflares-edge-ai-inference-reshape-cost-economics: "Connectivity cloud and security to enterprises and developers (Q4 $614.5M, +34%)."
- [confirms] HostingJournalist (EN, news, published 2026-02-01) https://hostingjournalist.com/news/cloudflare-revenue-jumps-34-as-ai-edge-strategy-expands: "Connectivity cloud and security to enterprises and developers (Q4 $614.5M, +34%)."

### Workers AI (엣지 추론) (high)
- note: Edge AI inference over GPUs in 180+ cities (4.5M developers) — the growth option seizing the inference chokepoint between application and infrastructure. Its monetization pace is central to re-rating.
- [confirms] Nasdaq (EN, research, published 2026-02-01) https://www.nasdaq.com/articles/can-cloudflares-edge-ai-inference-reshape-cost-economics: "Edge AI inference with GPUs in 180+ cities (4.5M developers)."
- [confirms] Cloudflare (EN, filing, published 2024-09-01) https://www.cloudflare.com/press/press-releases/2024/cloudflare-enhances-ai-inference-platform-with-powerful-gpu-upgrade/: "Edge AI inference with GPUs in 180+ cities (4.5M developers)."

Reverse side: https://valuechain.wiki/cloudflare/suppliers.md · Ripple: https://valuechain.wiki/cloudflare/ripple.md

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Full node: https://valuechain.wiki/cloudflare.md · JSON: https://valuechain.wiki/cloudflare.json