Akamai inks $11.6 billion cloud services agreement with Anthropic

Akamai Technologies Inc. (AKAM) announced Wednesday an expanded relationship with Anthropic, PBC under an $11.6 billion multi-year commitment. The agreement provides Anthropic with dedicated cloud computing capacity and managed support services over an initial seven-year term.

Key takeaways

• Anthropic committed $11.6 billion across two new project plans under an existing master services agreement.
• Akamai issued a warrant for up to 387,051 shares of Series B Preferred Stock, representing 7.7 million common shares.
• Total capital expenditures to support the agreement are estimated at $5.5 billion, with 2026 CapEx rising by $1.7 billion.
• The company authorized Jabil Inc. to purchase approximately $1.7 billion of memory components for server hardware.

Agreement terms and warrant structure

Under Project Plan 2 and Project Plan 3, Akamai will supply dedicated cloud computing and managed support services to support Anthropic's CPU workload growth at scale. In connection with Project Plan 3, Akamai issued a warrant to Anthropic to purchase up to 387,051 shares of Series B Non-Voting Convertible Preferred Stock at an exercise price of $2,226.60 per preferred share, which equates to $111.33 per common share. Each share of Series B Preferred Stock is initially convertible into 20 shares of Common Stock.

The warrant vests and becomes exercisable in four tranches. The initial tranche, representing 40% of the warrant shares, vests upon the first payment under Project Plan 3. The remaining three tranches each vest upon each additional $3 billion of contractual value committed by Anthropic, up to an additional $9 billion in potential expansions over the seven-year term.

“Anthropic is advancing the AI revolution and we are thrilled they chose Akamai’s capabilities for building and operating AI infrastructure at scale,” said Dr. Tom Leighton, co-founder and CEO, Akamai.

Supply chain commitments and capital expenditures

To meet infrastructure demands, Akamai entered into hardware and manufacturing agreements with Lenovo Global Technologies Ireland International Limited and Jabil Inc. Under a build request issued through the Jabil agreement, Akamai authorized Jabil to purchase approximately $1.7 billion of memory components for customized server hardware. Akamai estimates total capital expenditures related to the $11.6 billion commitment will reach approximately $5.5 billion, including a $1.7 billion increase in 2026 capital expenditures for supply chain components.

Why it matters

The transaction represents a multi-billion-dollar infrastructure commitment for Akamai's distributed cloud platform, adding to more than $2.8 billion in cloud infrastructure commitments previously announced in 2026. While capital expenditures will increase by $1.7 billion in 2026 to secure component supply, Akamai expects no impact to its 2026 revenue guidance. The arrangement also ties significant equity dilution to future business expansion through the vesting schedule of the Series B preferred stock warrant.

By the numbers

| Metric | Value | Source | |---|---|---|> | Anthropic Contract Commitment | $11.6 billion | 8-K Filing | | Potential Contract Expansion | $9.0 billion | 8-K Filing | | Estimated Capital Expenditures | $5.5 billion | Press Release | | 2026 CapEx Increase | $1.7 billion | Press Release | | Jabil Component Purchase Authorization | $1.7 billion | 8-K Filing | | Warrant Exercise Price per Preferred Share | $2,226.60 | 8-K Filing | | Warrant Exercise Price per Common Share Equivalent | $111.33 | Press Release |

The company will host a conference call at 5:30 p.m. Eastern Time Wednesday to discuss the transaction. The call is accessible by dialing 1-833-634-5020 using the passcode Akamai Technologies Call.