How does that compare to other tech companies?

As an example, Palantir has a similar cash flow / market cap ratio. I didn't check many others.

now that they have most of the internet corralled I don't see why they won't start charging for bandwidth

IT Sovereignty is likely to be a growing trend after the past few years - including issues of Election interference not just by governments but by individual Tech CEOs. I think a lot of particularly Europeans have realized that putting all your eggs in American jurisprudence might -not- be the best way to go.

Cloudflare has a moat but it already smells like sewage.

I'd be very surprised if the internet isn't well on its way to being balkanised by 2036.

When I decide what price to pay for a business, it is about how much a business can earn in the future relative to other businesses, not about how much it earns now.