Anthropic PBC has signed a seven-year, $11.6 billion computing agreement with Akamai Technologies, with an option to expand by another $9 billion, potentially pushing the total value above $20 billion. The deal covers central processing units and computing capacity for AI workloads and builds on an earlier $1.8 billion agreement between the companies. Akamai shares jumped as much as 20% in after-hours trading to about $129.60, after earlier rising 17% to $130. The contract is the largest deal in Akamai’s history.
The agreement includes a warrant giving Anthropic the right to buy non-voting convertible Series B preferred stock at $111.33 per share, convertible into 7.7 million Akamai common shares, or up to about 5% of Akamai’s outstanding common stock. Roughly 2% is expected to vest with the initial $11.6 billion commitment, and each additional $3 billion in cloud spending would unlock about 1% more. Akamai expects about $5.5 billion in capital expenditures tied to the original contract and an additional $1.7 billion in capital spending during 2026, partly to pre-buy supply chain components such as memory.
Akamai expects the deal to generate between $150 million and $300 million in revenue next year and reach an annual run rate of about $1.7 billion by 2028. The company said the contract is not expected to affect its 2026 revenue guidance. CEO Tom Leighton said Anthropic chose Akamai’s capabilities for building and operating AI infrastructure at scale, and that Akamai’s global network positions it to handle AI applications requiring security and large computing capacity.
Separately, Anthropic is preparing for a possible IPO and wants shareholders to approve a structure giving CEO Dario Amodei and six co-founders 50.1% of total voting power through a separate class of shares. The arrangement is similar to Palantir’s founder voting rights but would not apply to board elections. Anthropic raised $65 billion in May at a $965 billion post-money valuation.
