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There is no difference if you go and look at Cloudflares major shareholders.

You could say the same for any company in the sp500.

Correct and then in the private markets it’s 5 big groups. Sounds like we have a problem here!

Cloudflare sells network services. You want services, you can buy services. It isn't a vertically integrated monstrosity where every transaction bounces around departments and partners having value extracted that you didn't want extracted. Some things are even free or at cost, not freemium just-sign-this-user-agreement-you-won't-feel-a-thing.

But certainly worth keeping an eye on, especially as they branch out into things like stable coins and payment processing.

Cloudflare sells the service of making your life more annoying, to people who aren't you, and have no reason to make your life more annoying, but Cloudflare didn't tell them it would, and also they don't really care either way.

They are taking on monopolists.

In their bid to build a bigger monopoly themselves.

Creative Destruction in action.

https://en.wikipedia.org/wiki/Creative_destruction

It feels closer to rentseeking to me.