Akamai signed an $11.6 billion, seven-year cloud deal with Anthropic and issued a spending-linked warrant.
Why it matters: The deal ties one of AI's biggest infrastructure commitments to Akamai's stock, which is unusual for a cloud contract. Investors now have a concrete read on how much revenue, capex and potential dilution the agreement could create.
- Anthropic committed $11.6 billion to Akamai over seven years for cloud services and support.
- Akamai said the agreement could expand by another $9 billion, taking total potential value to about $20 billion.
- Anthropic can earn warrants in tranches tied to spend, with about 2% linked to the initial commitment and another 1% for each additional $3 billion of cloud purchases, up to the filing's stated maximum.
- Akamai expects about $5.5 billion in related capital expenditures, including roughly $1.7 billion of additional 2026 capex.
Akamai said in a Sept. 24 press release and SEC filing that Anthropic agreed to buy dedicated cloud computing capacity and related managed support services over seven years. The agreement is conditioned on Akamai meeting delivery and service-availability requirements, and either side can terminate under certain conditions. Akamai's release SEC filing
The warrant structure is the unusual part. Akamai said Anthropic can vest warrants tied to future purchases of cloud services, with about 2% of Akamai common stock outstanding vesting on the initial commitment and an additional 1% vesting for each additional $3 billion in cloud purchases. The filing describes the warrant coverage on a fully vested basis, which means the stock coverage is earned over time as spending thresholds are met rather than issued all at once. SEC filing
That spend-linked structure is notable because it makes the stock award contingent on future commercial activity, not just signing the contract. Reuters reported the announcement sparked a sharp after-hours move in Akamai shares, underscoring how closely investors are watching the economics of big AI infrastructure deals. Reuters
Akamai also said the agreement could grow by another $9 billion, bringing total potential contract value to about $20 billion. The company expects about $5.5 billion in capital expenditures related to the commitment, including about $1.7 billion of additional 2026 capex to pre-purchase supply-chain components such as memory. Akamai said the deal adds to more than $2.8 billion in multi-year cloud infrastructure commitments it had already announced this year. Akamai's release
By the numbers
- $11.6 billion - Anthropic's committed spend over seven years.
- $9 billion - Additional potential contract value Akamai said could be added.
- $5.5 billion - Related capital expenditures Akamai expects.
Yes, but: The warrant is not immediate equity compensation; it vests only as Anthropic meets additional spending thresholds, and the filing frames the percentage on a fully vested basis.
What's next: Watch for future vesting milestones as Anthropic's cloud purchases cross each additional $3 billion threshold, and for Akamai's 2026 capex updates.