Cloudflare has their own hardware and so pays a "market price" for bandwidth (which is much lower than what clouds (over)charge) and their business model relies

Cloudflare has their own hardware and so pays a "market price" for bandwidth (which is much lower than what clouds (over)charge) and their business model relies on other value-add products rather than just bandwidth. I wouldn't be surprised if they actually lose money on this deal, but I guess it sometimes pays off to provide loss leaders.