Infrastructure 25 September 2 min read
Anthropic agrees $11.6 billion Akamai cloud deal over seven years
The agreement requires a large capacity build-out and gives Anthropic the right to acquire a stake in its supplier.
Akamai has announced the largest contract in its history, with Anthropic committing to seven years of cloud infrastructure spending. Aditya Mehta reported the agreement for TechCrunch.
The $11.6 billion commitment depends on Akamai meeting delivery and service-availability requirements. Its securities filing also allows either company to end the agreement under certain conditions.
The deal centres on CPU infrastructure, rather than the graphics processors most associated with AI. CPUs handle tasks such as running code and browsing the web, although Akamai has not specified Anthropic’s intended use.
Capacity first, revenue later
Akamai expects to spend about $5.5 billion building capacity. It is also adding roughly $1.7 billion to its 2026 capital spending to buy components, including memory, in advance.
Executives expect no revenue from the agreement in 2026, followed by $150 million to $300 million in 2027, beginning in the second half.
Anthropic also receives a warrant for stock convertible into as many as 7.7 million common shares, at $111.33 each. Some rights become available after its first payment; further rights depend on additional spending. That structure could take the cloud commitment to about $20 billion, but that is not the current contract value.
Akamai must fund capacity before substantial contract revenue arrives. For Anthropic, the agreement links access to computing infrastructure with potential share ownership, while leaving payment commitments dependent on delivery and service performance.
Sources & publication notes
Published in our 26/09/2026 edition. Source dates are shown above.
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