Cloudflare (NET) stock surged 63.5% between May 13 and November 11, 2026, significantly outperforming the S&P 500's 2.9% gain during the same period. This rally was driven by accelerating sales growth attributed to its Workers Developer Platform and AI agent workloads across its network. Management had previously linked these technologies to AI demand as early as February 2025, positioning them as key drivers for developer adoption. Financial performance strengthened notably in the quarters leading up to the stock run. Revenue growth accelerated from 26.5% in the quarter ended March 2025 to 33.6% by December 2025, with each subsequent quarter showing faster expansion. In the quarter ended September 2026, revenue grew 39.2%, reflecting broad-based growth across the entire company rather than a single product line. Cloudflare secured its biggest contract ever by yearly value in late 2025, averaging $42.5 million annually, while new annual contract value grew nearly 50% year-over-year. Existing customer spending continues to rise, with dollar-based net retention reaching 122% in the September quarter, up from 119% a year prior. The company also agreed to acquire Replicate in November 2025 to further its AI platform capabilities. Management forecasts fourth-quarter revenue growth of 38%, slightly lower than the third quarter's 39% rate, indicating a potential slight deceleration. Investors are expected to watch the February 2027 report for continued momentum. The stock had previously fallen 14.6% in the six months before May 2026 despite positive signs being public at that time.