AKAMAnthropic's $11.6 billion deal is bigger than Akamai's whole backlog was in June
Anthropic committed $11.6 billion over seven years to Akamai's cloud, the company announced on Sept. 24, more than the $7.6 billion Akamai had left to deliver to all its customers at June 30. The warrant for up to 7.7 million shares vests as Anthropic pays and commits more, the filing shows, and the stock, up 13.4% at the open on Sept. 25, closed up 3.2% at $113.94.
KeyVex News··6 min readFact-checked against 10 public recordsCorrection : An earlier version of this story said its chart could show every KeyVex filing for Akamai. The chart's Filings switch shows a selection of them.
Correction : An earlier version of this story said the warrant starts vesting only when Anthropic makes its first payment. Under the warrant agreement, any of four conditions vests it, in whatever order they come: the first payment vests 40%, and new commitments of $3 billion, $6 billion or $9 billion more vest 60%, 80% or 100% in total. It also said a $1.8 billion commitment sent the stock up 26.6% in May; Akamai disclosed that commitment in its first-quarter results, and the stock closed up 26.6% the next day.
The short version
- Anthropic committed about $11.6 billion over seven years for Akamai cloud computing capacity, Akamai said on Sept. 24. The commitment depends on Akamai meeting delivery and service availability requirements, the company's filing says.
- Akamai gave Anthropic a warrant for non-voting preferred stock convertible into up to 7,741,020 common shares at $111.33 each. Anthropic's first payment under Project Plan 3, one of the two new plans, vests 40% of it, and new commitments of $3 billion, $6 billion and $9 billion more vest 60%, 80% and 100% in total, in whatever order they come, if they come within Project Plan 3's seven-year term.
- Akamai expects to spend about $5.5 billion on capital projects for the commitment, including about $1.7 billion more this year to buy components such as memory. Executives said revenue from it starts in the second half of 2027.
- The stock opened up 13.4% on Sept. 25, reached $128.46, and closed up 3.2% at $113.94, 2.3% above the warrant's price. In May, Akamai disclosed a smaller $1.8 billion commitment from an unnamed AI model maker in its first-quarter results, and the stock closed up 26.6% the next day.
Anthropic has committed to pay Akamai Technologies about $11.6 billion over seven years for dedicated cloud computing capacity, Akamai said after the market closed on Sept. 24. The commitment comes under two new project plans the companies signed on Sept. 18 under a master services agreement dated May 5, and it is subject to Akamai meeting delivery and service availability requirements, according to the company's filing with the Securities and Exchange Commission.8-K
Akamai called it a significantly expanded relationship with Anthropic and said the deal could grow by up to $9 billion more, to about $20 billion.Press release Leighton called it the largest contract in Akamai's history, according to MarketBeat.MarketBeat It is also the first time Akamai has attached a warrant to a cloud deal, Bloomberg reported, according to TechCrunch.TechCrunch
Anthropic is advancing the AI revolution and we are thrilled they chose Akamai's capabilities for building and operating AI infrastructure at scale.
The stock opened at $125.23 on Sept. 25, up 13.4% from the prior close of $110.41, and reached $128.46 before closing at $113.94, up 3.2%. About 31.9 million shares traded, roughly nine times the average of the previous 20 sessions. Before the announcement, the stock had risen 12.3% on Sept. 21 and fallen 6.8% on Sept. 24; nothing in the records links either move to the agreements.Prices
- 1May 8, 2026 Akamai discloses a $1.8 billion commitment from an unnamed AI model maker. The Q1 release came after the close on May 7. The stock closes up 26.6% at $147.71 the next day.
- 2Aug. 7, 2026 Second-quarter results. Results came after the close on Aug. 6: cloud infrastructure revenue of $99 million in the quarter. The 10-Q filed Aug. 7 shows $7.6 billion of remaining performance obligations.
- 3Sept. 18, 2026 Akamai and Anthropic sign two new project plans, and Akamai issues the warrant. The agreements were disclosed in the Sept. 24 8-K. The stock closes at $104.52.
- 4Sept. 24, 2026 Akamai files its 8-K after the close and announces the $11.6 billion deal. The stock had closed at $110.41.
- 5Sept. 25, 2026 The stock opens up 13.4% and closes up 3.2%. It closes at $113.94, 2.3% above the warrant's $111.33 exercise price.
View the data (114 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-09-25 | $113.94 | +3.2% |
| 2026-09-24 | $110.41 | −6.8% |
| 2026-09-23 | $118.44 | +0.1% |
| 2026-09-22 | $118.34 | +0.8% |
| 2026-09-21 | $117.41 | +12.3% |
| 2026-09-18 | $104.52 | −2.4% |
| 2026-09-17 | $107.08 | +2.5% |
| 2026-09-16 | $104.48 | −0.9% |
| 2026-09-15 | $105.40 | −0.2% |
| 2026-09-14 | $105.57 | −1.1% |
| 2026-09-11 | $106.79 | −0.3% |
| 2026-09-10 | $107.13 | −3.3% |
| 2026-09-09 | $110.75 | +4.9% |
| 2026-09-08 | $105.61 | +0.4% |
| 2026-09-04 | $105.22 | −1.2% |
| 2026-09-03 | $106.50 | +1.3% |
| 2026-09-02 | $105.09 | −1.3% |
| 2026-09-01 | $106.46 | −2.0% |
| 2026-08-31 | $108.62 | +1.1% |
| 2026-08-28 | $107.47 | −3.4% |
| 2026-08-27 | $111.24 | +2.9% |
| 2026-08-26 | $108.06 | +2.2% |
| 2026-08-25 | $105.74 | +0.1% |
| 2026-08-24 | $105.66 | −4.3% |
| 2026-08-21 | $110.42 | +0.3% |
| 2026-08-20 | $110.09 | −2.4% |
| 2026-08-19 | $112.84 | −2.0% |
| 2026-08-18 | $115.20 | −6.3% |
| 2026-08-17 | $122.97 | −1.6% |
| 2026-08-14 | $124.99 | −0.2% |
| 2026-08-13 | $125.29 | +2.0% |
| 2026-08-12 | $122.78 | +5.2% |
| 2026-08-11 | $116.67 | −0.8% |
| 2026-08-10 | $117.65 | +6.4% |
| 2026-08-07 | $110.54 | −6.8% |
| 2026-08-06 | $118.55 | −3.0% |
| 2026-08-05 | $122.27 | −0.9% |
| 2026-08-04 | $123.35 | +4.6% |
| 2026-08-03 | $117.88 | +2.3% |
| 2026-07-31 | $115.18 | +1.3% |
| 2026-07-30 | $113.75 | +5.9% |
| 2026-07-29 | $107.41 | −3.9% |
| 2026-07-28 | $111.79 | −0.9% |
| 2026-07-27 | $112.85 | −2.2% |
| 2026-07-24 | $115.37 | −1.7% |
| 2026-07-23 | $117.37 | −5.6% |
| 2026-07-22 | $124.30 | −0.5% |
| 2026-07-21 | $124.91 | +1.4% |
| 2026-07-20 | $123.13 | +2.4% |
| 2026-07-17 | $120.19 | +1.2% |
| 2026-07-16 | $118.81 | −1.0% |
| 2026-07-15 | $120.01 | −4.8% |
| 2026-07-14 | $126.11 | +0.8% |
| 2026-07-13 | $125.13 | −0.8% |
| 2026-07-10 | $126.19 | −2.6% |
| 2026-07-09 | $129.52 | +2.3% |
| 2026-07-08 | $126.57 | +10.7% |
| 2026-07-07 | $114.37 | +1.5% |
| 2026-07-06 | $112.73 | −0.4% |
| 2026-07-02 | $113.17 | +0.3% |
| 2026-07-01 | $112.81 | −4.6% |
| 2026-06-30 | $118.21 | +3.9% |
| 2026-06-29 | $113.80 | +0.5% |
| 2026-06-26 | $113.29 | +0.4% |
| 2026-06-25 | $112.89 | −5.5% |
| 2026-06-24 | $119.48 | −0.3% |
| 2026-06-23 | $119.87 | −0.7% |
| 2026-06-22 | $120.74 | −3.3% |
| 2026-06-18 | $124.91 | −2.3% |
| 2026-06-17 | $127.86 | −3.4% |
| 2026-06-16 | $132.31 | −1.4% |
| 2026-06-15 | $134.20 | +0.5% |
| 2026-06-12 | $133.50 | +0.8% |
| 2026-06-11 | $132.46 | +1.9% |
| 2026-06-10 | $129.97 | −5.7% |
| 2026-06-09 | $137.81 | −2.9% |
| 2026-06-08 | $141.87 | −5.0% |
| 2026-06-05 | $149.32 | −6.1% |
| 2026-06-04 | $158.98 | −0.9% |
| 2026-06-03 | $160.36 | 0.0% |
| 2026-06-02 | $160.32 | +4.1% |
| 2026-06-01 | $154.01 | +3.0% |
| 2026-05-29 | $149.54 | +4.5% |
| 2026-05-28 | $143.13 | −0.9% |
| 2026-05-27 | $144.43 | −2.6% |
| 2026-05-26 | $148.21 | +0.7% |
| 2026-05-22 | $147.23 | +0.7% |
| 2026-05-21 | $146.24 | +1.9% |
| 2026-05-20 | $143.55 | +1.6% |
| 2026-05-19 | $141.34 | −6.3% |
| 2026-05-18 | $150.77 | −0.1% |
| 2026-05-15 | $150.88 | −3.1% |
| 2026-05-14 | $155.67 | −3.4% |
| 2026-05-13 | $161.14 | +7.7% |
| 2026-05-12 | $149.56 | −2.3% |
| 2026-05-11 | $153.01 | +3.6% |
| 2026-05-08 | $147.71 | +26.6% |
| 2026-05-07 | $116.69 | −4.3% |
| 2026-05-06 | $121.99 | +3.4% |
| 2026-05-05 | $117.94 | +11.5% |
| 2026-05-04 | $105.78 | +1.8% |
| 2026-05-01 | $103.87 | +0.9% |
| 2026-04-30 | $102.98 | +3.2% |
| 2026-04-29 | $99.80 | +4.6% |
| 2026-04-28 | $95.43 | −0.5% |
| 2026-04-27 | $95.93 | +0.7% |
| 2026-04-24 | $95.25 | −1.0% |
| 2026-04-23 | $96.18 | −1.0% |
| 2026-04-22 | $97.11 | −1.0% |
| 2026-04-21 | $98.08 | +0.5% |
| 2026-04-20 | $97.62 | +1.8% |
| 2026-04-17 | $95.89 | −1.0% |
| 2026-04-16 | $96.81 | +7.1% |
| 2026-04-15 | $90.38 |
Akamai did not name the customer behind the $1.8 billion commitment in its May 7 release.Q1 release Bloomberg reported in May that it was Anthropic, according to TechCrunch and SiliconANGLE.TechCrunchSiliconANGLE Source: Tiingo end-of-day closes, as traded, via KeyVex.
What the warrant gives Anthropic
On Sept. 18, the day it signed both project plans, Akamai issued Anthropic a warrant to buy up to 387,051 shares of a new Series B non-voting convertible preferred stock at $2,226.60 each. Each preferred share converts into 20 common shares, so the warrant covers up to 7,741,020 common shares at $111.33 each. Akamai set that price at the average price of its stock, weighted by volume, over the 30 trading days before Sept. 18.8-K Buying all of it would cost Anthropic about $862 million in cash.
The warrant vests in steps. Anthropic's first payment under Project Plan 3 vests 40%, or 3,096,408 common shares, and new commitments of $3 billion, $6 billion and $9 billion more bring the total to 60%, 80% and 100%, but only if they come within the plan's seven-year term. The agreement counts any of those conditions in whatever order they come, so a $3 billion commitment made before the first payment would vest 60% at once.Ex. 4.1 Akamai's release described the first step as about 2% of its stock and said it "is expected to vest in connection with" the $11.6 billion commitment.Press release The warrant agreement ties that step to Anthropic's first payment, not to the signing.Ex. 4.1
View the data
| Executive | Vested at an earlier step | Vests at this step | Vested | Filings |
|---|---|---|---|---|
| Anthropic's first payment Under Project Plan 3 | 0 | 3,096,408 | 3,096,408 | Ex. 4.1 |
| $3 billion more committed Beyond the $11.6 billion | 3,096,408 | 1,548,204 | 4,644,612 | Ex. 4.1 |
| $6 billion more committed Cumulative | 4,644,612 | 1,548,204 | 6,192,816 | Ex. 4.1 |
| $9 billion more committed Cumulative | 6,192,816 | 1,548,204 | 7,741,020 | Ex. 4.1 |
Each step is cumulative. The last three must happen within Project Plan 3's seven-year term. Source: Warrant agreement, Exhibit 4.1 to Akamai's Sept. 24 Form 8-K.
The agreement also protects Akamai. If Anthropic fails to pay what it owes, Akamai can claw back the shares tied to that commitment, whether or not Anthropic has exercised them, after a cure period whose length is redacted in the public copy, and not while Anthropic is disputing the shortfall in good faith. If the underlying agreements end before a step is reached, the unvested part of the warrant ends with them. Anthropic must pay cash to exercise; the agreement allows no net settlement or cashless exercise.Ex. 4.1
The preferred shares carry no vote except where Delaware law requires one. They turn into common stock only if they leave Anthropic and its wholly owned subsidiaries, and the warrant agreement bars transfers known to go to a competitor of Akamai, an activist investor or a non-passive holder that would own 10% or more of the stock.8-KEx. 4.1
Anthropic can terminate the master agreement if Akamai commits a material breach it does not cure, or if control of Akamai passes to a direct competitor of Anthropic. It can also end either project plan after a material outage, subject to conditions the filing does not detail.8-K
What Akamai is spending, and when the revenue starts
Akamai estimates capital spending of about $5.5 billion to deliver the commitment. It expects to spend about $1.7 billion more this year than planned to secure and pre-purchase components, including memory, and said the deal does not change its 2026 revenue guidance.Press release Akamai expects to spend the $5.5 billion as about $1.7 billion in the fourth quarter of 2026, about $3.1 billion in 2027 and about $700 million in 2028, according to MarketBeat.MarketBeat On Sept. 24, Akamai also authorized the contract manufacturer Jabil to buy about $1.7 billion of memory components on its behalf, and on Sept. 23 it signed a hardware and services agreement with Lenovo that includes a seven-year statement of work.8-K
For scale, Akamai's capital expenditures in the first half of 2026 were $552.9 million, as the company measures them, and its cloud infrastructure services business, which sells this kind of computing capacity, brought in $99 million of revenue in the second quarter.Q2 release As of June 30, Akamai reported $7.6 billion of remaining performance obligations across all its customers.10-Q
On an investor call on Sept. 24, executives said revenue from the deal is expected to begin in the second half of 2027 and contribute about $150 million to $300 million that year, reaching an annual pace of about $1.7 billion by the end of 2028, TechCrunch reported.TechCrunch MarketBeat attributed those figures to chief financial officer Ed McGowan.MarketBeat
Analysts' views differed. RBC Capital Markets kept its sector perform rating and said the risk-reward on the stock looks balanced, while Oppenheimer, which rates it outperform, estimated the build at about $70 million per megawatt of capacity, Stocktwits reported.Stocktwits
Key dates
- Akamai and Anthropic sign the master services agreement.8-K
- Akamai's first-quarter release discloses a $1.8 billion, seven-year commitment from an unnamed "leading, U.S. based frontier model provider."Q1 release The stock closes up 26.6% the next day.Chart data
- Second-quarter results: cloud infrastructure revenue of $99 million, and more than $2.8 billion of multi-year cloud commitments signed this year.Q2 release
- Project Plans 2 and 3 signed; the warrant is issued and the Series B preferred created.8-K
- Akamai signs a hardware and services agreement with Lenovo.8-K
- Akamai authorizes Jabil to buy about $1.7 billion of memory, files its 8-K after the close and announces the deal.8-K
- The stock opens up 13.4% and closes up 3.2% at $113.94.Chart data
Also in the filings: two executives' planned sales
Nothing in the records ties the following to the deal, and neither filing mentions Anthropic. Akamai's filings from the same week include two notices of planned stock sales by executives. Both notices were filed after the close on Sept. 25 for sales dated that day, and both cite Rule 10b5-1 trading plans adopted months earlier.Form 144Form 144
- Mani Sundaram, executive vice president and general manager of the security technology group, reported a planned sale of 7,022 shares from a performance stock award, with a stated market value of $882,123, under a plan adopted May 22. Akamai's second-quarter 10-Q disclosed that plan, for up to 7,022 shares through Nov. 26.Form 14410-Q
- Kim Salem-Jackson, executive vice president and chief marketing officer, reported a planned sale of 2,013 shares from restricted stock that vested in 2021, with a stated market value of $257,664, under a plan adopted March 10.Form 144
A Form 144 is a notice of a proposed sale. The Form 4 reports that confirm the prices and share counts were not on EDGAR as of Sept. 27.
The paper trail
Akamai's SEC filings from Sept. 24 through Sept. 25, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Sept. 24, 4:14 p.m. | 8-K | Akamai | The Anthropic project plans, the warrant and the Series B preferred, plus the Lenovo and Jabil agreements. |
| Sept. 25, 4:04 p.m. | 8-K | Akamai | Amendments to the company's code of ethics, adopted Sept. 22. No waivers. |
| Sept. 25, 4:17 p.m. | 144 | Kim Salem-Jackson | Planned sale of 2,013 shares under a plan adopted March 10. |
| Sept. 25, 4:18 p.m. | 144 | Mani Sundaram | Planned sale of 7,022 shares under a plan adopted May 22. |
What to watch
Form 4 filings for the Sept. 25 sales are due within two business days of the trades.
Akamai says the master services agreement, and the Lenovo and Jabil agreements, will be filed as exhibits to its report for the quarter ending Sept. 30.
When Akamai's executives said revenue from the commitment is expected to begin.
The warrant expires on the seventh anniversary of its issue date.
Sources
Public records
- Akamai Technologies Inc., Form 8-K (Items 1.01, 3.02, 5.03, 7.01)SEC EDGAR · Sept. 24, 2026
- Akamai Technologies Inc., Warrant Agreement with Anthropic, Exhibit 4.1SEC EDGAR · Sept. 24, 2026
- Akamai Technologies Inc., Certificate of Designations for Series B Non-Voting Convertible Preferred Stock, Exhibit 3.1SEC EDGAR · Sept. 24, 2026
- Akamai Technologies Inc., press release, Exhibit 99.1: "Akamai Announces $11.6 Billion Multi-year Agreement with Anthropic"SEC EDGAR · Sept. 24, 2026
- Akamai Technologies Inc., Form 8-K (Item 5.05, code of ethics)SEC EDGAR · Sept. 25, 2026
- Akamai Technologies Inc., first-quarter 2026 results, Exhibit 99.1SEC EDGAR · May 7, 2026
- Akamai Technologies Inc., second-quarter 2026 results, Exhibit 99.1SEC EDGAR · Aug. 6, 2026
- Akamai Technologies Inc., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 7, 2026
- Form 144, Mani SundaramSEC EDGAR · Sept. 25, 2026
- Form 144, Kim Salem-JacksonSEC EDGAR · Sept. 25, 2026
Reporting
- "Anthropic to pay Akamai $11.6 billion over seven years in cloud deal"TechCrunch · Sept. 25, 2026
- Summary of Akamai's Anthropic announcement (as syndicated on Yahoo Finance)MarketBeat · Sept. 24, 2026
- "AKAM's $11.6B Anthropic Deal Has Wall Street Rethinking The Stock" (as syndicated on Yahoo Finance)Stocktwits · Sept. 25, 2026
- "Akamai shares jump more than 20% on $11.6B Anthropic computing deal"SiliconANGLE · Sept. 24, 2026
Data
- End-of-day prices and volume for AKAM, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Sept. 25, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for AKAMKeyVex · through Sept. 25, 2026
How we got these numbers
- Prices are end-of-day closes as traded. Daily moves are close to close; the Sept. 25 opening move compares that day's opening price with the Sept. 24 close. Volume is compared with the average of the 20 sessions from Aug. 27 through Sept. 24. The Nasdaq 100 and S&P 500 lines follow QQQ and SPY, also as traded, rebased to Akamai's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Akamai stock page: a selection, not every filing, and not only those tied to this story.
- Warrant share counts are the 8-K's: 387,051 preferred shares times 20 common shares each, or 7,741,020. Each step in the vesting chart is that total times the cumulative percentage in the warrant agreement (40%, 60%, 80%, 100%). The $862 million full-exercise cost is 7,741,020 times $111.33.
- The Form 144 market values are the ones the filers stated. They are not sale prices.