Cloudflare (NYSE: NET) stock has gained roughly 280% over the past three years through Nov. 5, 2026. But it could still reward patient investors for one reason: The business remains small compared with the market management is targeting. Cloudflare helps businesses keep their websites, applications, and networks fast and secure. At its June 9 investor day, management estimated a $238 billion addressable market for 2026, based on Gartner research. That's the potential annual spending in the markets its products serve, not a revenue forecast. Management projects that opportunity will reach $384 billion by 2029.
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