Key Highlights
- Anthropic and Akamai finalized a seven-year computing agreement valued at $11.6 billion
- This agreement expands upon a previous $1.8 billion partnership announced earlier this year
- After-hours trading saw Akamai stock surge by as much as 20%
- As part of the arrangement, Akamai granted Anthropic a warrant for shares representing up to 5% equity
- Revenue projections from this partnership could reach approximately $1.7 billion annually by 2028
In a landmark move, Akamai Technologies has finalized a substantial computing contract with AI developer Anthropic. The partnership carries a total value of $11.6 billion over a seven-year period.
ANTHROPIC SIGNS $11.6B AKAMAI CLOUD DEAL
Anthropic has committed $11.6B over seven years to use Akamai $AKAM infrastructure for growing CPU workloads, with options to expand the relationship by another $9B, bringing the potential total to ~$20B.
As part of the deal, Anthropicā¦ pic.twitter.com/vXNTZ3j6I6
ā Wall St Engine (@wallstengine) September 24, 2026
Under the terms of this arrangement, Anthropic will receive access to central processing units. These versatile chips play a crucial role in powering artificial intelligence applications.
Following the announcement, Akamai’s stock price experienced a dramatic surge of up to 20% during after-hours trading. Share prices climbed to approximately $129.60.
Akamai Technologies, Inc., AKAM
This partnership represents Akamai’s most significant commercial agreement to date. The organization disclosed that capital investments specifically for this contract will amount to roughly $5.5 billion.
This investment level exceeds Akamai’s entire 2025 capital expenditure budget by more than six times.
Expanding Collaboration
This new agreement strengthens an existing relationship between the two companies. Earlier in the year, Akamai and Anthropic had already established a $1.8 billion computing partnership.
Beyond the Anthropic relationship, Akamai revealed additional cloud infrastructure commitments exceeding $2.8 billion across multiple years. The latest Anthropic contract significantly expands this portfolio.
Anthropic’s pursuit of additional computing resources reflects rising demand for its services. The company’s Claude AI platform has gained traction among users for programming and various applications.
Throughout the year, Anthropic has established partnerships with multiple technology providers. Notable agreements include arrangements with Google and SpaceX for chip access and computational infrastructure.
Equity Terms And Revenue Projections
The partnership includes a warrant provision granted to Anthropic by Akamai. This instrument enables Anthropic to purchase Series B preferred shares priced at $111.33 per share.
These preferred shares are convertible into 7.7 million common stock shares. This quantity equals roughly 5% of Akamai’s total outstanding common equity.
Approximately 2% of these shares will vest alongside the baseline $11.6 billion commitment. Additional vesting opportunities exist if Anthropic increases spending by up to $9 billion during the contract period.
For every additional $3 billion in cloud services purchased, approximately 1% more equity would vest.
This represents Akamai’s inaugural warrant issuance tied to a customer cloud agreement. CEO Tom Leighton characterized this as a significant strategic decision.
Leighton explained that the structure strengthens alignment and deepens the partnership between both organizations.
Historically, Akamai’s primary revenue streams have come from content delivery networks and cybersecurity solutions. The company’s strategic pivot toward computing services aims to diversify growth opportunities.
According to Leighton, the cloud computing division is experiencing rapid expansion. He projected that cloud-related revenue could eventually surpass income from the company’s traditional business segments.
For the upcoming year, Akamai anticipates generating between $150 million and $300 million from the Anthropic relationship. By 2028, annual revenue from this deal is projected to reach approximately $1.7 billion.
The majority of Akamai’s infrastructure investments will focus on hardware procurement, including servers, processors, and networking components. A substantial portion of these expenditures is scheduled for next year.
Akamai indicated that its 2026 revenue projections remain unchanged despite this agreement. However, the company anticipates a capital expenditure increase of roughly $1.7 billion in 2026, primarily for supply chain components such as memory modules.
Leighton disclosed that Akamai is currently negotiating additional partnerships with other prominent technology firms. These discussions include major data center operators and large enterprise customers.
Implementation of the computing agreement is scheduled to commence during the second half of the upcoming year.
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