Unstable cavitation presents an important speed barrier for underwater vehicles such as hydrofoil craft. In this paper, the authors concern about the physical problem about the cloud cavitating flow that surrounds an underwater-launched hydrofoil near the free surface at relatively high-Froude number, which has not been discussed in the previous research. A water tank experiment and computational fluid dynamics (CFD) simulation are conducted in this paper. The results agree well with each other. The cavity evolution process in the experiment involves three stages, namely, cavity growth, shedding, and collapse. Numerical methods adopt large eddy simulation (LES) with Cartesian cut-cell mesh. Given that the speed of the model changes during the experiment, this paper examines cases with varying constant speeds. The free surface effects on the cavity, re-entry jet location, and vortex structures are analyzed based on the numerical results.