Anthropic Signs $11.6 Billion Akamai Cloud Deal With Option To Expand To $20 Billion
What Happened
Akamai Technologies announced a significantly expanded cloud services agreement with AI firm Anthropic, involving contractual commitments worth $11.6 billion over seven years for CPU-based infrastructure and software. The deal can be expanded by up to an additional $9 billion, taking the total potential commitment to about $20 billion if certain milestones are met. As part of the arrangement, Akamai issued Anthropic a warrant to purchase non‑voting preferred stock convertible into about 7.7 million common shares, representing up to roughly 5% of Akamai’s outstanding stock, at an exercise price of $111.33 per share. Akamai estimates around $5.5 billion in capital expenditure to support the initial commitment and expects revenue from the deal to ramp from 2027, reaching an annual run rate of about $1.7 billion by 2028.
Key Takeaways
The agreement is Akamai’s largest cloud deal to date and deepens its role in AI infrastructure, while giving Anthropic long‑term CPU capacity and a potential equity stake tied to its spending. The structure, including performance‑linked warrants and optional expansion, reflects growing, but carefully structured, multibillion‑dollar commitments between AI labs and infrastructure providers.