Akamai Secures $11.6B Anthropic Cloud Deal with Equity Warrants

Akamai has secured the largest contract in its history, locking in an $11.6 billion, seven-year cloud infrastructure agreement with Anthropic dedicated to CPU-based artificial intelligence workloads. The deal includes a provision allowing Anthropic to expand its commitment by an additional $9 billion.

"We've made Akamai the cloud company that powers and protects an AI-driven world," said Tom Leighton, Co-Founder and Chief Executive Officer, Akamai, in a statement to investors regarding the agreement.

Capital Expenditures and Infrastructure Plans

To support the infrastructure demands of the new contract, Akamai anticipates spending approximately $5.5 billion in capital expenditures over the next two years. This rollout will add about $1.7 billion to capital spending in 2026 alone, directed toward pre-purchasing essential hardware components such as memory modules.

Revenue generation from the partnership is scheduled to begin in the second half of 2027, with anticipated initial totals ranging from $150 million to $300 million. Akamai projects the annual run rate under the agreement will climb to approximately $1.7 billion by the conclusion of 2028.

How the Warrant Structure Operates

Unlike traditional cloud-provider relationships where AI labs often secure direct investments or equity stakes upfront, Akamai structured the arrangement by issuing Anthropic a warrant for non-voting preferred stock. This warrant is convertible into 7.7 million common shares, representing up to roughly 5% of Akamai's outstanding stock, at a strike price of $111.33 per share.

The vesting schedule for these warrants is tied directly to contract execution milestones. Approximately 2% vests immediately upon the delivery of the first payment, while the remainder becomes accessible as Anthropic achieves subsequent spending milestones over the course of the seven-year term.

What the Agreement Signals for Edge Cloud Providers

This contract highlights a growing market demand for specialized distributed cloud architectures capable of handling heavy AI workloads outside of centralized hyperscale data centers. By pairing edge computing capabilities with a multi-year financial commitment, Akamai positions its network infrastructure to capture a larger share of enterprise-scale AI deployment.

At the same time, the warrant-based compensation structure offers a mechanism to align the interests of the cloud provider and the AI developer without requiring direct cash investments, providing a framework that other infrastructure operators may replicate as competition for enterprise AI contracts intensifies.