Anthropic Expands Akamai Cloud Deal to $11.6 Billion

Anthropic will spend $11.6 billion on cloud infrastructure from Akamai Technologies over seven years, according to TechCrunch. The agreement expands a previously reported $1.8 billion cloud contract between the companies.

The commitment depends on Akamai meeting delivery and service availability requirements. Either company can terminate the agreement under certain conditions. Akamai expects no revenue from the contract in 2026, followed by $150 million to $300 million in 2027 and an annual revenue pace of about $1.7 billion by the end of 2028.

Akamai expects to spend about $5.5 billion to provide the capacity and is adding about $1.7 billion to its 2026 capital spending. It also issued Anthropic a warrant for preferred stock convertible into 7.7 million common shares, equal to as much as 5% of Akamai. Parts of the warrant will vest as Anthropic increases its spending, potentially raising the contract value to about $20 billion.