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AI Chips & Compute

Akamai Shares Jump More Than 20% on $11.6B Anthropic Computing Deal

Akamai shares jumped over 20% after it disclosed an $11.6B, seven-year deal to supply Anthropic with computing capacity.

AI News Feed · 2026-09-25 08:39

Anthropic can add as much as $9 billion in further commitments under the terms, which could bring the total to about $20 billion. Akamai also issued Anthropic a warrant for nonvoting convertible Series B preferred stock that would convert into up to about 5% of Akamai's common shares, with an exercise price of $111.33. About 2% is expected to vest with today's commitment. The rest depends on additional spending: each further $3 billion Anthropic commits to cloud services over the warrant's seven-year term vests roughly another 1%.

Akamai said the deal will not change its 2026 revenue guidance. Capital spending tied to the $11.6 billion commitment is estimated at about $5.5 billion in total. The company is raising its 2026 capital expenditures by about $1.7 billion to secure and prepurchase supply chain components, including memory.

Co-founder and Chief Executive Tom Leighton said Anthropic chose Akamai's capabilities for building and operating AI infrastructure at scale. He said Akamai's expanding global footprint and years serving large enterprises positioned it to be "the infrastructure provider for secure and responsible AI applications and workloads."

The two companies were already working together. In May, Akamai's first-quarter report included a $1.8 billion, seven-year commitment from an unnamed frontier model company, and the disclosure pushed the stock up more than 26% in late trading. Bloomberg reported the next day that the customer was Anthropic, citing a person with direct knowledge of the matter.

Today's deal comes on top of more than $2.8 billion in multiyear Cloud Infrastructure Services contracts Akamai had announced earlier in the year. Revenue from that business came to $99 million in the second quarter, up 39% from a year earlier.

Anthropic has spent the year lining up capacity from several suppliers besides Akamai. A 20-year lease signed in July gives Anthropic about 401 megawatts at a TeraWulf Inc. data center campus in Hawesville, Kentucky, and TeraWulf expects about $19 billion in contracted revenue from it. Memory and storage are coming from Micron Technology Inc. under a supply agreement signed in June, and Micron also invested in Anthropic's Series H round.