Akamai Signs $11.6 Billion Multi-Year Compute Deal with Anthropic

Akamai Technologies announced a $11.6 billion multi-year agreement with Anthropic to support the AI company's growing CPU workload demands using Akamai Cloud's distributed infrastructure. The deal includes a potential expansion of up to $9 billion, bringing the total potential commitment to approximately $20 billion. As part of the strategic alignment, Akamai issued a warrant to Anthropic for Series B Preferred Stock representing up to approximately 5% of Akamai's common stock outstanding. Approximately 2% of this stock vests upon the initial commitment, with the remaining 3% vesting as the relationship expands, specifically triggering approximately 1% vesting for each additional $3 billion in cloud services purchased. The warrant covers 7.7 million shares at an exercise price of $111.33 per share. Total capital expenditures related to the initial $11.6 billion commitment are estimated at approximately $5.5 billion. Akamai anticipates no impact on its 2026 revenue guidance but expects an increase of approximately $1.7 billion in capital expenditures in 2026 to secure supply chain components.