BlitzLab Scoring · Oct 2026 · Model v1.0 (frozen)
Cloudflare — Blitz Index 62 (B)
22 straight quarters of growth — the reason it is 3 points short is all in the demerits.
62Grade B
Confidence: High · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 18 / 25 | 22 straight quarters of growth; Q2 +35.9% YoY; FY2026 guidance +32% |
| B · Moat | 38 / 60 | DBNRR 120% + RPO $2.73B (+35%); 4,698 $100k+ customers (+26.5%) |
| C · Creative destruction | 11 / 15 | Workers + Workers AI — the Agentic Internet second curve |
| D · BlitzFailing | −5 | Founder duo 52.4% vote; SBC 20.8%; $5.8B 0% convertibles |
Radar axes (0–100): Moat 63 · Speed 72 · Creative 73.
Watch item
Gates: G1 ✓ · G2 ✓. 3 points below the threshold — first score. The DDOG pattern without the re-acceleration price: every missing point is in D.
Strengths
- DBNRR 120% (4 straight quarters at 118%+)
- RPO $2.73B (+35% YoY, SEC)
- FY2026 revenue guidance +32% (SEC 8-K)
- Workers AI — the second-curve candidate
Concerns
- Founders' combined 52.4% voting power (DEF 14A)
- SBC 20.8% of revenue — persistent dilution
- Gross margin 78% drifting to low-70s — cost-structure shift
- 2026 notes ($1.29B) maturity handling undisclosed
Next earnings
Nov 5, 2026 · After close · Confirmed
Coverage
Cloudflare, Inc. · Q3 2026 due Nov 5, 2026 (AMC) · Score 62 · Grade B
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.