It's not a question of crazy or not, it's just an extreme end of the multiple spectrum.. and the company is not in a positive operating margin position. So you're right they have a strong track record and there's optimism they turn a profit, but it's highly speculative. Nothing wrong with that. Just makes sense they are fleshing out their AI story while they're in a position to invest with equity IMO

Their not investing with equity. Cloudflare is cash flow positive and re-investing.

Well I'd assume the acquisition is with equity and that much of their employee compensation comes from equity, neither of which show up in a free cash flow view. Still you do make a good point. I'd have expected bigger capital costs that even if amortized would show up on cash flow some of the time.. but they appear to run a very tight capex ship. So more security SaaS than cloud provider IMO