Akamai books $11.6 billion Anthropic cloud commitment, issues equity warrant

Akamai Technologies, Inc. (NASDAQ: AKAM) said it entered Project Plan 2 and Project Plan 3 with Anthropic, PBC on Sept. 18 under an existing Master Services Agreement dated May 5, 2026, according to a Form 8-K filed Sept. 24. Subject to termination rights and delivery and service-availability requirements, Anthropic has committed to pay Akamai approximately $11.6 billion in the aggregate under the project plans. Each plan has an initial seven-year term beginning on its respective service start date.

Under the MSA, Akamai provides Anthropic with dedicated cloud computing capacity and related managed support services. The company said it determined the Anthropic MSA is material under Item 1.01 because it is no longer immaterial in amount or significance.

An accompanying press release said the commitment adds to more than $2.8 billion of multi-year Cloud Infrastructure Services commitments across Akamai’s customer base previously announced this year. The release also said the relationship provides for potential expansion of up to an additional $9 billion, for a total potential commitment of approximately $20 billion.

In connection with Project Plan 3, Akamai entered a Warrant Agreement with Anthropic and issued a warrant to purchase up to 387,051 shares of Series B Non-Voting Convertible Preferred Stock at $2,226.60 per warrant share. Each preferred share is initially convertible into 20 shares of common stock. The press release described the warrant as covering approximately 7.7 million common shares on an as-converted basis, or up to approximately 5% of common stock outstanding, at an exercise price of $111.33 per share of common stock.

Per the 8-K, a first tranche representing 40% of the warrant shares vests upon Anthropic’s first payment under Project Plan 3, subject to conditions including that the MSA remain in effect. The remaining three tranches, each 20% of the warrant shares, vest successively upon each additional $3.0 billion of contractual value committed under the MSA. The press release said the first portion, about 2% of common stock outstanding, is expected to vest with the announced $11.6 billion commitment, with the remaining about 3% tied to successful expansion of the commitment by up to an additional $9 billion within the seven-year warrant term.

The press release said capital expenditures related to the $11.6 billion commitment are estimated at approximately $5.5 billion, including an expected increase of approximately $1.7 billion in 2026 capital expenditures, and that the company anticipates no impact to 2026 revenue guidance.

By the numbers

• Contractual commitment under Project Plans 2 and 3: about $11.6 billion
• Initial term of each project plan: seven years
• Potential expansion cited in press release: up to an additional $9 billion (about $20 billion total potential)
• Warrant: up to 387,051 Series B preferred shares; ~7.7 million common shares as-converted (up to ~5%)
• Estimated capex for the $11.6 billion commitment: about $5.5 billion (about $1.7 billion incremental in 2026)
• Prior CIS multi-year commitments cited: more than $2.8 billion

Sources

1. Akamai Technologies, Inc. Form 8-K, filed Sept. 24, 2026, accession 0001193125-26-401048
2. Exhibit 99.1 press release

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