Anthropic has committed $11.6 billion over seven years for Akamai's cloud infrastructure, Akamai announced on Thursday. This agreement is more than six times larger than a previously reported $1.8 billion deal between the two companies.
The deal is contingent on Akamai meeting specific delivery and service-availability requirements, and either company can terminate the agreement under certain conditions. It represents Akamai's largest deal in its history.
As part of the agreement, Akamai has issued Anthropic a warrant for nonvoting preferred stock, convertible into 7.7 million common shares. This could represent up to approximately 5% of Akamai's outstanding stock, with about 2% expected to vest upon Anthropic's first payment. Additional spending by Anthropic, in increments of $3 billion, could unlock roughly another 1% of stock, potentially increasing the deal's total value by up to $9 billion to around $20 billion.
Akamai does not anticipate revenue from this deal in 2026. Executives expect to see $150 million to $300 million in revenue in 2027, starting in the second half, with an annual revenue pace of about $1.7 billion by the end of 2028. To build the necessary capacity, Akamai plans to spend approximately $5.5 billion and is adding about $1.7 billion to its 2026 capital spending for component purchases.