Akamai and Anthropic sign $11.6 billion cloud deal with warrant for potential stake of up to about 5%

Reuters reported at 20:09 UTC on September 24 that Akamai announced a seven-year cloud-services contract with Anthropic carrying an initial commitment of $11.6 billion. The transaction is a signed agreement disclosed by the company, not an anonymously sourced negotiation or preliminary plan.

The contract includes a warrant allowing Anthropic to buy Series B shares at $111.33 each, convertible into about 7.7 million Akamai common shares. A portion representing about 2% of common shares outstanding is tied to the initial $11.6 billion commitment. The remaining roughly 3% would vest only if the companies expand the agreement by up to another $9 billion.

The 'up to about 5%' figure is therefore a conditional potential stake. It does not mean Anthropic currently owns 5%, and it does not guarantee every warrant tranche will vest or be exercised. Actual dilution would also depend on contract performance, expansion conditions and future share count.

Akamai estimates capital expenditure related to the initial commitment at about $5.5 billion and expects roughly $1.7 billion more in 2026 capital spending to secure and pre-purchase components including memory. It separately authorised electronics manufacturer Jabil to buy about $1.7 billion of memory under an existing services agreement.

Anthropic has been locking in large computing resources for model training and operation. Reuters had reported a $1.8 billion Akamai cloud arrangement in May; the newly disclosed $11.6 billion contract indicates a major expansion of the relationship. Akamai said the agreement does not change its full-year revenue forecast.

The accompanying image is an N Globe editorial illustration, not documentary imagery of a signing event, data centre or company facility. Verification status: confirmed. News value: B-level important news. Origin region: United States. Primary section: Technology. Related region: World. Source time: September 24, 2026, 20:09 UTC. Report time: September 25, 2026, 00:15 UTC.