Anthropic has agreed to spend as much as $11.6 billion over seven years on Akamai cloud infrastructure, the largest contract in Akamai’s history. The commitment is conditional: delivery and availability requirements must be met, and the agreement can be terminated under specified circumstances.
Akamai expects no revenue from the deal this year, followed by $150 million to $300 million in the second half of 2027 and an annual pace of about $1.7 billion by the end of 2028. It plans roughly $5.5 billion in capacity investment and is adding about $1.7 billion to near-term capital spending for components such as memory. The provider did not say precisely how Anthropic will use the capacity, though demand for general-purpose CPUs has grown as agents execute code and browse the web.
The contract includes warrants allowing Anthropic to acquire up to about 5% of Akamai’s common stock at a fixed price. Around 2% is expected to vest with the first payment, with additional portions tied to each $3 billion of extra spending. Unlike suppliers investing in their AI customers, this structure gives the customer a growing stake in the infrastructure provider it pays.