Akamai Technologies Inc. (NASDAQ: AKAM) on Thursday announced an expanded agreement with Anthropic worth $11.6 billion in contractual commitments over seven years.

The deal will support Anthropic's growing CPU workload demands through Akamai Cloud's distributed AI infrastructure and software.

The agreement adds to more than $2.8 billion in multi-year Cloud Infrastructure Services commitments that Akamai disclosed earlier this year.

Warrant Terms

Akamai issued Anthropic a warrant to buy non-voting convertible Series B Preferred Stock. On an as-converted basis, the stock equals 7.7 million common shares, or up to about 5% of shares outstanding.

The exercise price is $111.33 per share, so exercising the full warrant would cost about $857 million.

About 2% is expected to vest with the $11.6 billion commitment. The other 3% vests only if Anthropic spends up to an additional $9 billion within the warrant's seven-year term.

Each extra $3 billion in cloud services purchases, on terms both sides agree to, would vest about 1%. If Anthropic makes all of the additional purchases, total commitments would reach $20.6 billion.

Spending Outlook

Akamai estimates that capital expenditures tied to the deal will total about $5.5 billion. The company expects about $1.7 billion in extra capex in 2026 to secure and pre-purchase critical supply chain components, including memory. It sees no impact on its 2026 revenue guidance.

“Anthropic is advancing the AI revolution and we are thrilled they chose Akamai's capabilities for building and operating AI infrastructure at scale,” said Tom Leighton, CEO of Akamai.

Leighton said Akamai's “expanding global footprint, combined with our years of experience serving the world's largest enterprises, positions us to be the infrastructure provider for secure and responsible AI applications and workloads.”

Management will discuss the agreement on a conference call at 5:30 p.m. ET.

AKAM Stock Soars

AKAM Stock Price Activity: Akamai Technologies shares were up 16.66% at $128.80 during after-hours trading Thursday, according to market data.