Akamai has signed a seven-year agreement worth $11.6B to supply computing capacity to Anthropic, sending the content delivery veteran’s shares up more than 20% in after-hours trading.
CPU workloads sit at the center of the contract, where Akamai says Anthropic’s demand is accelerating. The capacity is drawn from a distributed network spanning thousands of points of presence, and the lab holds options for up to $9B in further commitments, which would take the potential total to about $20B.
Anthropic also gets a route to owning part of its supplier. Convertible paper backs that stake: nonvoting Series B preferred stock, priced at $111.33 a share, that would become roughly 5% of Akamai common stock. About 2% vests now, and each additional $3B Anthropic spends across the seven years adds another 1%.
Spending tied to the commitment is put at $5.5B, and Akamai is lifting its 2026 capital expenditures by roughly $1.7B to prepurchase supply chain components such as memory. Revenue guidance for 2026, the company says, is unchanged.
Akamai is only one of several suppliers Anthropic has lined up this year. A 20-year lease signed in July gives it about 401 megawatts at a TeraWulf campus in Kentucky, Micron supplies memory under a June agreement, and a $1.8B commitment Akamai disclosed in May from an unnamed frontier lab was later reported to be the same customer.
