Anthropic signs $11.6 billion cloud deal with Akamai, gets warrant for up to 5% stake

Sept 24 — Anthropic has committed to spending $11.6 billion on cloud services from ​Akamai Technologies in its latest AI infrastructure deal, with the cloud company issuing a warrant that could give the AI lab a ‌stake of up to 5%.

Under the seven-year contract, the warrant gives Anthropic the right to purchase ⁠Series B shares at $111.33 each that ​converts into about 7.7 million ⁠shares of Akamai's common stock. Akamai shares jumped about 20% in extended ‌trading on Thursday.

IPO-bound Anthropic ‌has been aggressively expanding its computing power and securing the infrastructure ⁠needed to train and run increasingly powerful ⁠models, driving multibillion-dollar deals with cloud and data-center providers.

It agreed to spend $45 billion to rent AI cloud computing power from Nscale's West Virginia data center campus, Reuters reported last month.

"Despite growing concerns about potential adverse consequences of agentic AI, infrastructure investment will continue to expand to ‌support increasingly compute-intensive agentic workloads," said Emarketer analyst ​Jacob Bourne.

The potential stake "can be seen as a vote of confidence in the durability of AI-driven cloud demand."

A portion of the warrant representing about 2% of Akamai's common stock outstanding is tied to Anthropic's $11.6 billion commitment, while the remaining 3% would vest if the companies expand the agreement by up to another $9 billion.

Akamai said the total capital expenditure ​related to the initial commitment is estimated to be about $5.5 billion.

The deal adds to ‌more than $2.8 billion ‌in multi-year ⁠cloud infrastructure commitments Akamai announced across its customer base this year.

The company expects no impact to its annual revenue forecast, and an increase of about $1.7 billion in its 2026 capital spending to secure and pre-purchase components needed ‌to support the agreement, including ​memory.

Separately, Akamai authorized electronics firm Jabil to ‌purchase about $1.7 billion worth ⁠of memory ​components under an existing services agreement.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by ​Shilpi Majumdar)

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