Anthropic has committed about $11.6 billion to Akamai for dedicated cloud capacity and support services. The two new project plans run for seven years from their respective service start dates, according to Akamai’s September 24 securities filing.
Akamai says the capacity will support Anthropic’s growing CPU workloads. The announcement does not specify which Anthropic products or tasks will run on those servers. CPUs handle general computing work, a different part of the AI infrastructure stack from the GPUs commonly used to train and run models.
The commitment has delivery conditions
The filing makes the $11.6 billion figure conditional on Akamai meeting delivery and service availability requirements. It also gives Anthropic a right to end a project plan after a material outage, subject to the contract’s conditions. Other termination rights cover breaches and insolvency. The full cloud services agreement is due to be filed with Akamai’s quarterly report for the period ending September 30.
Akamai estimates $5.5 billion in capital spending to serve the announced commitment. It expects to increase 2026 capital spending by about $1.7 billion to secure components, including memory, before the capacity is needed. In the same filing, Akamai says it has authorized hardware maker Jabil to purchase about $1.7 billion of memory components for it. That gives the company a substantial supply commitment ahead of the revenue it expects from the contract.
Anthropic can earn a stake as it spends more
Akamai has also given Anthropic a warrant to buy nonvoting preferred shares, convertible under specified conditions into up to 7.7 million common shares. That represents about 5% of Akamai’s outstanding common stock. The effective exercise price is $111.33 per common share, and Anthropic must pay cash to exercise the warrant.
The first 40% of the warrant vests after Anthropic’s first payment under one of the new project plans, subject to conditions. The other three portions each vest when Anthropic commits another $3 billion in contract value. Those additional commitments could lift the relationship by $9 billion to roughly $20 billion, but they require further purchases on terms both companies agree to.
