Anthropic commits $11.6 billion over seven years to Akamai cloud, lifting reported compute spending past $517 billion

Anthropic agreed to pay Akamai $11.6 billion over seven years for cloud infrastructure — Akamai's largest contract — with sources split on how binding the deal is and how its equity warrant is structured.

Anthropic will pay Akamai Technologies $11.6 billion over seven years for cloud infrastructure, Akamai's largest cloud contract and more than six times a $1.8 billion deal reported in May. The Decoder, citing Reuters, described a signed deal that includes a warrant for up to 5 percent of Akamai stock — 2 percent tied to the current contract and another 3 percent if the deal expands by up to $9 billion — while TechCrunch, citing Akamai's securities filing, sized the warrant at up to 7.7 million shares (about 5 percent) and said each additional $3 billion of Anthropic spend unlocks roughly another 1 percent of equity, with further spending potentially lifting the total commitment toward $20 billion. TechCrunch also reported the commitment is conditional: it depends on delivery and service-availability terms, and either side can exit under certain conditions. On financial impact, both outlets say Akamai expects roughly $5.5 billion in capacity capital costs; The Decoder adds about $1.7 billion in extra spending before the end of 2026, while TechCrunch reports no revenue this year, $150-300 million in 2027, and an annual pace of about $1.7 billion by late 2028. The Decoder reported Akamai shares jumped 22 percent after hours, and that — counting a $45 billion Nscale commitment last month — Anthropic has reportedly closed about $517 billion in compute deals in eleven months, with CEOs Dario Amodei and Sam Altman both warning such spending may prove unsustainable. The sources agree on the headline $11.6 billion, seven-year figure but differ on the firmness of the obligation and the warrant's mechanics.

• Deal value: $11.6 billion over seven years, announced/reported 2026-09-25; Akamai's largest cloud contract.
• Scale: more than six times a $1.8 billion Anthropic-Akamai deal reported in May (TechCrunch).
• Conditionality: TechCrunch, citing Akamai's securities filing, says the commitment depends on delivery and availability terms and either side can exit under certain conditions; The Decoder, citing Reuters, describes it as a signed deal.
• Warrant: up to about 5 percent of Akamai (up to 7.7 million shares per TechCrunch). The Decoder says 2 percent is tied to the current contract and 3 percent more if the deal expands by up to $9 billion; TechCrunch says each added $3…
• Akamai costs: roughly $5.5 billion in capital/capacity costs, plus about $1.7 billion in additional spending before the end of 2026 (The Decoder).
• Akamai revenue timing: none in 2026, $150-300 million in 2027, about $1.7 billion annual pace by late 2028 (TechCrunch).
• Market reaction: Akamai shares rose 22 percent after hours (The Decoder).
• Anthropic totals: about $517 billion in compute commitments in eleven months, including a $45 billion Nscale deal last month (The Decoder).