Anthropic Signs $11.6bn Akamai Cloud Deal and Receives Warrant for 5% of Akamai Stock
Akamai announced that Anthropic has signed a $11.6 billion, seven-year agreement to utilize Akamai’s cloud infrastructure. The deal, which can expand by an additional $9 billion, would bring the total value to approximately $20 billion.
As part of this partnership, Akamai issued Anthropic a warrant for 7.7 million shares, representing about 5% of its common stock, with an exercise price of $111.33. This warrant takes the form of non-voting convertible Series B preferred stock, with 2% vesting upon the initial $11.6 billion commitment and another 3% vesting conditionally based on expansion.
Akamai will supply Anthropic with access to central processing units (CPUs), as reported by Bloomberg. This contract builds upon a previous $1.8 billion agreement signed in May between the two companies.
"Anthropic is advancing the AI revolution, and we are thrilled they chose Akamai’s capabilities for building and operating AI infrastructure at scale," said Tom Leighton, Akamai's CEO and co-founder.
Financial Implications:
Akamai expects to invest approximately $5.5 billion in capital to fulfill this contract, a significant increase from its 2025 total capital spending of $1.7 billion. The company assures that this deal does not alter its 2026 revenue guidance.
According to Bloomberg, the investment is more than six times Akamai’s capital expenditure in all of 2025. Leighton expects the contract to begin in the second half of 2027 and projects $150 million to $300 million in revenue from Anthropic next year, scaling up to an annual run rate of about $1.7 billion by 2028.
Notably, this is the first time Akamai has included a warrant as part of a cloud agreement with a customer, as stated by Leighton: "It’s a serious step, but I think in this case it made sense to do. It helps bring the companies together."
Recent Compute Agreements by Anthropic:
This Akamai deal adds to Anthropic's growing list of compute partnerships, including a $10 billion agreement with Volta in August and a $13.7 billion contract with Rum Group, as reported by The Information in September. Additionally, Anthropic has secured its first Australian data center lease and acquired chips from Google and SpaceX, according to Bloomberg.