Anthropic’s $11.6 billion Akamai cloud deal depends on delivery targets
Akamai’s projected cloud growth depends on meeting service conditions, while Anthropic could gain a nonvoting stake.
Akamai says Anthropic will commit $11.6 billion to its cloud capacity over seven years, making it Akamai’s largest contract to date. The agreement depends on Akamai meeting delivery and service-availability requirements, and either company can end it under certain conditions. Akamai forecasts $150 million to $300 million in revenue starting in the second half of 2027, with revenue reaching an annual rate of about $1.7 billion by the end of 2028. It expects to spend about $5.5 billion to build the capacity. Anthropic also receives a warrant for nonvoting preferred stock convertible into 7.7 million common shares—up to about 5% of Akamai—at $111.33 per share; additional commitments of $3 billion can unlock roughly another 1% and could bring the deal to about $20 billion.
Why it matters
For Akamai, the agreement makes reliable delivery central to turning its capacity build into the growth it expects. For Anthropic, the deal could bring a potential nonvoting equity interest in the company supplying its cloud capacity.
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