Anthropic signs $11.6B Akamai cloud pact tied to potential equity stake
Anthropic has committed to spend $11.6 billion over seven years on Akamai's cloud infrastructure. The deal could grow to about $20 billion if Anthropic increases its spending, and Akamai issued a warrant that could give Anthropic up to roughly 5% of its stock. Akamai expects the agreement to start generating revenue in 2027 and reach an annual pace of about $1.7 billion by the end of 2028.
Anthropic’s seven-year Akamai commitment is $11.6 billion, over six times an earlier $1.8 billion agreement reported in May. It hinges on Akamai meeting delivery and uptime requirements, and either company can terminate under certain conditions. Akamai expects no revenue this year, then $150 million–$300 million in 2027 and an annual pace near $1.7 billion by late 2028.
The deal includes a warrant for nonvoting preferred shares that can convert into 7.7 million common shares, up to about 5% at $111.33 each. Roughly 2% vests after Anthropic’s first payment; extra spending unlocks more, potentially lifting the total to about $20 billion. Akamai plans about $5.5 billion in buildout spending and $1.7 billion more this year for components.
The arrangement could deepen ties between AI labs and infrastructure suppliers, potentially influencing cloud pricing, chip demand, and investor expectations. If Anthropic’s usage grows, more capital may flow into CPU-focused data centers, affecting customers, workers, and communities where facilities are built. Equity-linked terms may also concentrate influence among a few large AI firms, though the deal’s conditions mean outcomes remain uncertain.