Akamai Signs $11.6 Billion Anthropic Cloud Deal

Akamai announced on September 24, 2026, a seven-year agreement under which Anthropic will commit $11.6 billion to cloud infrastructure and services for its growing CPU workloads. The deal could expand by another $9 billion, bringing total spending to about $20.6 billion, and adds to more than $2.8 billion in previously announced multi-year commitments. It was formalized via Project Plan 2 and Project Plan 3 entered September 18, 2026, and disclosed in a Form 8-K filing with the SEC. Akamai granted Anthropic a warrant for up to roughly 5% of the company on an as-converted basis, covering 387,051 Series B Non-Voting Convertible Preferred shares or 7,741,020 common shares. About 2% is tied to the initial commitment; the rest vests with additional purchases at about 1% per extra $3 billion, at an exercise price of $111.33 per common share. Akamai estimates about $5.5 billion in related capital expenditures, including roughly $1.7 billion in additional 2026 spending to secure components such as memory, and said its 2026 revenue guidance is unchanged. CEO Tom Leighton said Anthropic is driving the AI revolution and Akamai is thrilled they have chosen its capabilities to build and operate AI infrastructure at scale. Shares surged more than 16% in after-hours trading. Management scheduled a conference call for 5:30 p.m. Eastern Time.