Akamai signs $11.6B deal with Anthropic, up to $20B potential

Akamai Technologies (NASDAQ: AKAM) announced a seven-year, $11.6 billion contractual commitment with Anthropic to support the AI company's CPU workload demands using Akamai Cloud's distributed infrastructure and software, according to a press release dated Sept. 24, 2026.

The agreement includes provisions for expansion of up to an additional $9 billion, bringing the total potential commitment to approximately $20 billion within the seven-year term.

As part of the deal, Akamai issued a warrant to Anthropic for the purchase of non-voting convertible Series B Preferred Stock representing 7.7 million shares of Akamai common stock on an as-converted basis, or up to approximately 5% of Akamai's common stock outstanding, at an exercise price of $111.33 per share. Approximately 2% of Akamai's common stock outstanding is expected to vest in connection with the initial $11.6 billion commitment. The remaining approximately 3% would vest as the commitment expands, with each additional $3 billion in cloud services purchases triggering the vesting of approximately 1% of common stock outstanding.

Total capital expenditures tied to the $11.6 billion commitment are estimated at approximately $5.5 billion. Akamai said it anticipates no impact to its 2026 revenue guidance but expects an increase of approximately $1.7 billion in capital expenditures in 2026 to secure and pre-purchase supply chain components, including memory.

The announcement adds to more than $2.8 billion in previously announced multi-year Cloud Infrastructure Services commitments across Akamai's customer base in 2026.

"Anthropic is advancing the AI revolution and we are thrilled they chose Akamai's capabilities for building and operating AI infrastructure at scale," said Dr. Tom Leighton, co-founder and CEO of Akamai.

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