Akamai signs $11.6 billion cloud deal with Anthropic

Akamai Technologies has signed a seven-year cloud-services agreement under which Anthropic has committed to spend $11.6 billion, with an option to add as much as $9 billion in further commitments. Akamai also issued Anthropic a warrant that could allow the artificial intelligence company to acquire a stake of about 5% in Akamai, depending on the level of spending under the agreement. The initial commitment is expected to require about $5.5 billion in capital expenditures, according to Akamai. The company plans to increase its 2026 capital spending by about $1.7 billion to secure and pre-purchase supplies, including memory components, needed to support the contract. Akamai has said the agreement does not change its 2026 revenue forecast. The warrant covers up to about 7.7 million share equivalents of Akamai stock, with an exercise price of $111.33 per share equivalent. About 2% of Akamai’s shares outstanding is tied to Anthropic’s initial $11.6 billion commitment. The remaining portion, of up to about 3%, would vest only if Anthropic makes additional commitments, potentially totaling $9 billion.