I wrote this comment [0] very recently and when I wrote it had in mind that Cloudflare might very well end up being a key player in a more centralized Internet that has developed far away from its original architecture.
Defense against threats is a pretty strong centralization incentive in different kinds of networks - social, biological.
I could imagine that a lot of people are investing based on similar scenarios in their minds.
Joining the big three requires capital investments orders of magnitude beyond where they are. Nevertheless I'd like to see someone do it, and if not Equinix then it could be them. But sadly the #4 right now appears to be Oracle.
Defense against threats is a pretty strong centralization incentive in different kinds of networks - social, biological.
I could imagine that a lot of people are investing based on similar scenarios in their minds.
[0] https://news.ycombinator.com/item?id=45946365