Akamai Technologies said this week it has struck an $11.6 billion, multiyear cloud-computing agreement with Anthropic, one of the largest corporate commitments yet to the AI infrastructure buildout and a deal that hands the AI lab a stake in the content-delivery giant.
The agreement, which can expand by a further $9 billion for a total commitment of roughly $20 billion, will see Anthropic tap Akamai Cloud's distributed infrastructure to support its growing computing workloads. Akamai said the deal will require it to lift 2026 capital spending by about $1.7 billion to secure supply-chain components including memory, with total capex tied to the agreement estimated at approximately $5.5 billion.
As part of the arrangement, Akamai issued Anthropic a warrant to purchase non-voting convertible preferred stock convertible into as many as 7.7 million common shares — about 5% of shares outstanding — at an exercise price of $111.33. Roughly 2% of that stake vests once Anthropic makes its first payment under the deal, with the remainder tied to further spending commitments, according to Akamai's filing with the Securities and Exchange Commission.
Anthropic is advancing the AI revolution and we are thrilled they chose Akamai's capabilities for building and operating AI infrastructure at scale.
Tom Leighton, CEO, Akamai Technologies
Part of a Bigger AI Capex Wave
The Anthropic commitment follows more than $2.8 billion in other cloud-infrastructure deals Akamai has announced so far this year, underscoring how thoroughly the AI buildout has reshaped demand for edge and core computing capacity once dominated by traditional content-delivery traffic. The underlying master services agreement between the two companies dates to May 5, with the specific project plans behind the $11.6 billion figure signed on September 18, according to Akamai's announcement.
Investors welcomed the news: Akamai shares rose about 3% Friday, one of the S&P 500's stronger gainers on a day the broader market also rallied. Akamai said the agreement is not expected to affect its 2026 revenue guidance.
The bulk of the additional $9 billion option depends on Anthropic ramping up spending further, meaning the ultimate size of the deal — and of Akamai's eventual equity stake — will hinge on how quickly Anthropic's compute needs keep growing.