Cloudflare, Inc. announced a proposed private offering of $1.75 billion in convertible senior notes due 2030 on June 11, 2025. This follows a similar offering by Rubrik of $1.0 billion in convertible senior notes. On June 12, 2025, Cloudflare experienced a widespread service outage affecting many of its services, leading to a 4% drop in its stock price. The company provided updates indicating that services were beginning to recover, though intermittent errors were expected as systems processed retries and caches were refilled.