Anthropic has committed about $11.6 billion to Akamai for dedicated cloud capacity and support services under two seven-year project plans, according to an Akamai regulatory filing. The agreement gives the AI company another large pool of infrastructure for workloads that do not depend exclusively on graphics processors.
Akamai says the capacity will support Anthropic’s growing CPU workloads across its distributed cloud network. The commitment is subject to the companies’ termination rights and to Akamai meeting delivery and service-availability requirements.
The contract expands a relationship that began under a master services agreement signed in May. Akamai’s announcement says service under the new capacity will begin in late second-quarter 2027 and ramp through the following year, reaching its full contracted revenue rate by the end of 2028.
A possible $9 billion expansion
The companies have also outlined a path to expand the relationship by as much as another $9 billion. That would bring the potential total to about $20 billion, but the additional amount is not part of the current commitment and would require further purchases on mutually agreed terms.
Akamai estimates it will spend roughly $5.5 billion in capital expenditures to support the $11.6 billion contract. About $1.7 billion of additional 2026 spending is expected to secure memory and other supply-chain components. The company says the deal will not change its 2026 revenue guidance because service has not started yet.
Warrants link Anthropic to Akamai’s expansion
The agreement includes an equity component. Akamai issued Anthropic a warrant for non-voting preferred stock convertible into approximately 7.7 million common shares, or as much as roughly 5% of Akamai’s outstanding common stock. The exercise price is $111.33 per common-share equivalent.
A tranche representing about 2% is tied to the current $11.6 billion commitment. The remaining roughly 3% would vest in one-percentage-point steps for each additional $3 billion of contractual value Anthropic commits, up to the proposed $9 billion expansion.
The structure gives Akamai a long-term customer while asking it to fund a substantial infrastructure build before most revenue arrives. For Anthropic, the agreement broadens the compute stack behind its services by adding distributed CPU capacity alongside the GPU-heavy systems normally associated with training frontier models.
