Anthropic Commits $11.6bn to Seven-Year Akamai Cloud Services Agreement

Anthropic has entered into a seven-year cloud services agreement with Akamai Technologies, committing $11.6 billion for services over the term of the contract.

Akamai expects the agreement to increase its 2026 capital expenditure by approximately $1.7 billion. The company has also authorised Jabil to procure about $1.7 billion of memory components for the service contract. The disclosed CAPEX is an expectation for 2026 rather than confirmed spending already incurred.

The commercial structure includes warrants that could allow Anthropic to acquire up to a 5% stake in Akamai, subject to specified conditions. Approximately 2% of Akamai's outstanding common shares under the warrants is tied to Anthropic's $11.6 billion commitment. The remaining 3% would become effective only if the parties expand the agreement by a further $9 billion. The warrants have an exercise price of $111.33 per Series B preferred share and are equivalent, after conversion, to approximately 7.7 million Akamai common shares.

For data-center and AI-infrastructure markets, the agreement may indicate a strengthening model in which major compute customers secure cloud resources through multi-year commitments while infrastructure providers plan incremental CAPEX and reserve component supply ahead of delivery. The transaction does not disclose compute capacity, server volumes, data-center specifications or infrastructure delivery timing.

Separately, the source references a Reuters-reported agreement under which Anthropic would lease AI cloud capacity from Nscale at a data-center campus in West Virginia. That reported $45 billion arrangement is a separate transaction and is not part of the Akamai agreement.