Updated version 2-Anthropic and Akamai have signed a $11.6 billion cloud services agreement, with warrants granting up to 5% equity.

Full restatement

Reuters, September 24 - Anthropic has committed to purchase $11.6 billion worth of cloud services from Akamai Technologies (AKAM.O) over seven years, and has also obtained an option to subscribe for up to a 5% equity stake in the company.

This seven-year contract could be increased by an additional $9 billion, bringing the potential total commitment to around $20 billion. Following the news, Akamai's shares soared 16% in after-hours trading on Thursday.

The transaction is expected to require approximately $5.5 billion in total capital expenditures. Akamai plans to increase its 2026 capital expenditures by about $1.7 billion to secure and pre-purchase components needed to support the agreement, including memory.

As part of the deal, Akamai issued Anthropic a warrant that allows the AI company to acquire up to a 5% equity stake in Akamai. Around 2% is tied to Anthropic’s initial $11.6 billion commitment, while the remaining 3% will be unlocked if both parties expand the contract by up to an additional $9 billion.

The warrant equates to roughly 7.7 million Akamai shares with a strike price of $111.33 per share.

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