Anthropic Commits $11.6 Billion to Akamai for CPU Cloud Capacity

Anthropic has agreed to pay Akamai $11.6 billion over seven years for cloud computing capacity. [1][2][6] The agreement focuses on CPU-based infrastructure rather than the GPU capacity that commonly dominates AI computing deals. [1][2]

Akamai said the contract will support Anthropic’s growing CPU workload demands through its distributed AI infrastructure and software. [6] The agreement is the largest contract in Akamai’s history and exceeds a previously reported $1.8 billion arrangement between the companies by more than six times. [3][5] Vesper reported that Anthropic, OpenAI, and Google have signed increasingly large and creative infrastructure agreements as demand for AI computing capacity has grown. [2]

Akamai issued Anthropic a warrant covering about 7.7 million shares, equivalent to as much as 5% of outstanding common stock, with an exercise price of $111.33 per share. [5][6] About 2% of the potential equity is connected to the initial commitment, while another 3% could vest if the agreement expands by as much as $9 billion. [5][6]

The warrant structure makes Anthropic’s potential ownership position larger as its spending with Akamai increases. [2][4] Exercising the full expansion option would bring the potential contract value close to $20 billion. [1][5][6] Akamai’s securities disclosures say the commitment depends on specified delivery and service-availability requirements, and either party can terminate the agreement under certain conditions. [3][5]

Akamai expects approximately $5.5 billion in capital spending to build the capacity needed to fulfill the contract. [1][5][6] The company expects no revenue from the agreement in 2026, followed by between $150 million and $300 million in 2027, primarily during the second half. [3][5]

Akamai expects the work to reach an annual revenue rate of approximately $1.7 billion by the end of 2028. [3][6] Oppenheimer analysts estimated that the agreement represents about 77 megawatts of computing power, while noting that Akamai has not disclosed a specific power requirement. [1] Akamai shares briefly gained as much as 16.4% to $128.46 on September 25 before trimming the increase to about 8%. [1]

The agreement broadens the AI infrastructure contest beyond GPU clusters by placing a multiyear commitment behind CPU capacity and distributed cloud software. Compared with the infrastructure agreements associated with OpenAI and Google, Anthropic’s Akamai arrangement also links additional spending to a larger potential ownership stake in the supplier. For Akamai, the contract offers a path toward a substantial cloud revenue stream, but the expected capital spending, gradual revenue ramp, possible shareholder dilution, and performance conditions qualify the headline value. What the sources don't address: which Anthropic workloads will use the CPU capacity or how much of the optional expansion the company ultimately expects to purchase.