Cloudflare, the next big cybersecurity IPO company, says it may have violated US law by doing business with terrorists and narcotics traffickers

Cloudflare is about to launch as a public company, and has quietly disclosed that it's been doing business with blacklisted entities.

Cybersecurity company Cloudflare is about to become public company, possibly as soon as this week, and there are indicators that investors are ready to buy in.

This should value the company at between $3.5 billion and $4.1 billion at the time of its IPO, exceeding itsBut then the company alsoby filing an amended S-1 form, its IPO prospectus, in which it admitted it may have violated US law. It sold its services to entities blacklisted by US government including terrorists, narcotics traffickers and sanctioned governments, it said in the filing.

It may have installed encryption hardware in some of these overseas places in violation of the law, it explained: Cloudflare has faced criticism for years over how it helped protect some of the darkest corners of the internet. Its has also been praised when it has kicked such entities off its network.

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