Akamai Technologies has signed a seven-year agreement valued at $11.6 billion to supply computing capacity to Anthropic, the artificial intelligence company behind the Claude models. The deal significantly expands an existing cloud relationship and ranks as Akamai’s largest contract to date.

The arrangement builds on a prior $1.8 billion cloud-services contract between the companies. Under the new terms, Anthropic will use Akamai Cloud’s distributed infrastructure and software to support accelerating demand for central processing unit workloads. The contract allows for potential expansion of up to an additional $9 billion, which would bring the total possible commitment to approximately $20 billion over the seven-year term.

Equity Warrant Tied to Spending Levels

As part of the expanded strategic relationship, Akamai issued Anthropic a warrant for non-voting convertible Series B preferred stock. The warrant covers shares representing 7.7 million shares of Akamai common stock on an as-converted basis, or up to roughly 5 percent of Akamai’s outstanding common stock. The exercise price is set at $111.33 per common share.

Approximately 2 percent of Akamai’s common stock is expected to vest in connection with the initial $11.6 billion commitment. The remaining roughly 3 percent would vest if the relationship expands by up to an additional $9 billion within the warrant’s seven-year period. Each additional $3 billion in cloud services purchased under mutually agreed terms would unlock vesting equal to about 1 percent of Akamai’s outstanding common shares.

Capital Spending and Financial Outlook

Akamai estimates total capital expenditures related to the $11.6 billion commitment at approximately $5.5 billion. The company anticipates an increase of about $1.7 billion in capital spending during 2026 to secure and pre-purchase critical supply-chain components, including memory. Akamai stated that the agreement will have no impact on its 2026 revenue guidance.

The new contract adds to more than $2.8 billion in multiyear Cloud Infrastructure Services commitments that Akamai had already announced from other customers earlier in the year. Those agreements cover infrastructure used to build, deploy, and operate large AI workloads.

Market Reaction and Broader Context

Akamai shares rose sharply following the announcement. The stock climbed as much as 17 percent in late trading to $130 and later showed gains of around 20 percent in premarket activity. The move occurred as several large technology stocks posted modest premarket advances.

The agreement comes as Anthropic continues to secure long-term computing capacity to support its AI development and operations. Separately, Anthropic has been advancing governance changes that would give its CEO and co-founders majority voting control ahead of a possible public listing, while maintaining a high private-market valuation following a substantial funding round earlier in the year.

Akamai Cloud operates a continuum of compute resources from core data centers to the edge across thousands of points of presence. The platform uses diversified hardware to support the full lifecycle of AI applications, focusing on performance, reliability, and security for large-scale workloads.