Akamai Stock Soars 20% After Anthropic Signs Massive Computing Deal

TLDR

• Akamai signed an $11.6 billion, seven year contract with Anthropic for computing power
• The deal builds on an earlier $1.8 billion agreement between the two companies
• Akamai shares jumped as much as 20% in after hours trading
• Akamai issued a warrant giving Anthropic the right to buy shares worth up to 5% of the company
• Akamai expects the deal to generate an annual run rate of about $1.7 billion by 2028

---

Akamai Technologies has signed a large computing contract with Anthropic. The deal is worth $11.6 billion and runs for seven years.

ANTHROPIC SIGNS $11.6B AKAMAI CLOUD DEAL

Anthropic has committed $11.6B over seven years to use Akamai $AKAM infrastructure for growing CPU workloads, with options to expand the relationship by another $9B, bringing the potential total to ~$20B.

As part of the deal, Anthropic… pic.twitter.com/vXNTZ3j6I6

— Wall St Engine (@wallstengine) September 24, 2026

The agreement will supply Anthropic with central processing units. These are general purpose chips used to help run AI software.

Akamai shares jumped as much as 20% in after hours trading following the news. The stock rose to roughly $129.60 per share.

Akamai Technologies, Inc., AKAM

This is the largest deal in Akamai’s history. The company said capital spending tied to this one agreement will total about $5.5 billion.

That figure is more than six times what Akamai spent on capital expenditures in all of 2025.

A Growing Partnership

The new contract builds on an earlier deal. Akamai and Anthropic struck a $1.8 billion computing agreement earlier this year.

Akamai also announced more than $2.8 billion in other multi year cloud infrastructure commitments this year. The Anthropic deal adds to that total.

Anthropic has been seeking more computing power as demand grows. Customers have been using its Claude software for coding and other tasks.

The AI company has signed deals with several other providers this year. These include Google and SpaceX for access to chips and computing capacity.

Warrant And Financial Terms

As part of the agreement, Akamai issued a warrant to Anthropic. The warrant allows Anthropic to buy Series B preferred shares at $111.33 each.

Those shares convert into 7.7 million shares of common stock. That represents up to about 5% of Akamai’s outstanding common stock.

About 2% of that stock is expected to vest along with the $11.6 billion commitment. The rest could vest if Anthropic expands its spending by up to $9 billion more over the contract term.

Each additional $3 billion in cloud services purchased would vest about 1% more stock.

This marks the first time Akamai has agreed to issue a warrant as part of a cloud deal with a customer. Chief Executive Tom Leighton called it a serious step.

Leighton said the arrangement made sense because it helps bring the two companies closer together.

Akamai generates most of its revenue from content delivery and cybersecurity services. The company has been expanding into computing to find new sources of growth.

Leighton said the cloud business is growing fast. He said revenue from cloud contracts could soon pass sales from the company’s other segments.

Akamai expects revenue from the Anthropic business to reach between $150 million and $300 million next year. By 2028, the company expects an annual run rate of about $1.7 billion from the deal.

The bulk of Akamai’s related capital spending will go toward hardware such as servers, chips and networking equipment. Most of that spending is expected to happen next year.

Akamai said it does not expect the deal to affect its 2026 revenue guidance. The company does expect a capital expenditure increase of about $1.7 billion in 2026 tied to supply chain components including memory.

Leighton said Akamai is in talks about additional business with other major technology companies. He said this includes large data center operators and big enterprises.

The computing agreement is expected to begin in the second half of next year.