Akamai Signs Expanded Seven-Year Cloud Agreement With Anthropic

Akamai Technologies announced on September 24, 2026, that Anthropic has committed to pay approximately $11.6 billion over seven years for dedicated cloud computing capacity and related managed support services, an expansion of the companies’ cloud relationship detailed in a Form 8-K filing with the U.S. Securities and Exchange Commission.

Project Plan Terms and Termination Rights

The commitment was formalized through Project Plan 2 and Project Plan 3, which Akamai and Anthropic entered on September 18, 2026, under a Master Services Agreement between the companies dated May 5, 2026. Each project plan has an initial seven-year term beginning on its respective service start date, and the aggregate commitment is subject to the satisfaction of certain delivery and service availability requirements. Akamai determined the master agreement is a material agreement because it is no longer immaterial in amount or significance to the company.

Under the termination terms, Akamai may end the agreement upon an uncured breach by Anthropic, while Anthropic may terminate upon a material uncured breach by Akamai or a change of control of Akamai in favor of a direct Anthropic competitor. Either party may terminate if the other becomes subject to a bankruptcy, insolvency, receivership, or similar proceeding, or if no project plan remains in effect. Anthropic may also terminate an individual project plan upon notice of a material outage, subject to certain conditions, and any project plan that is not the subject of a breach continues in effect as a separate agreement under the master agreement’s terms. The agreement contains customary provisions on representations and warranties, service levels, confidentiality, data security, indemnification, and limitations on liability.

Warrant and Series B Preferred Stock

In connection with Project Plan 3, Akamai on September 18, 2026, issued Anthropic a warrant to purchase up to 387,051 shares of Series B Non-Voting Convertible Preferred Stock at an exercise price of $2,226.60 per share, the volume-weighted average price of Akamai common stock over the 30 trading days preceding the issue date multiplied by 20. Each preferred share is initially convertible into 20 common shares, so the warrant shares represent up to 7,741,020 common shares on an as-converted basis, subject to customary anti-dilution adjustments.

The warrant vests in four tranches. The first, representing 40% of the warrant shares, vests upon Anthropic’s first payment under Project Plan 3, and three remaining tranches of 20% each vest successively upon each additional $3.0 billion of contractual value Anthropic commits under the master agreement, which must remain in effect. Exercises must be settled in cash, and the vested portion is exercisable until the seventh anniversary of the issue date. The warrant and the underlying shares are transferable only to Anthropic and its wholly owned subsidiaries.

Akamai filed a Certificate of Designations with the Delaware Secretary of State on September 18, 2026, designating the 387,051 preferred shares. The shares convert automatically into common stock only upon a transfer outside Anthropic and its wholly owned subsidiaries; holders cannot elect conversion. The shares carry dividend rights matching the common stock on an as-converted basis, a $0.01 per share liquidation preference, and no voting rights except as required by Delaware law. The warrant was issued in consideration of Anthropic’s entry into Project Plan 3 under the Securities Act’s private-placement exemption, without an underwriter or placement agent.

Expansion Path and 2026 Spending

In a press release dated September 24, 2026, and furnished as an exhibit to the filing, Akamai said the commitment will support Anthropic’s accelerating CPU workload demands through Akamai Cloud’s distributed AI infrastructure and software. The company said the transaction provides for potential expansion of up to an additional $9 billion, representing a total potential commitment of approximately $20 billion. “Anthropic is advancing the AI revolution and we are thrilled they chose Akamai’s capabilities for building and operating AI infrastructure at scale,” said Dr. Tom Leighton, Akamai’s co-founder and CEO.

According to the release, the warrant covers 7.7 million common shares on an as-converted basis, up to approximately 5% of Akamai’s common stock outstanding, at an exercise price of $111.33 per common share. A portion representing approximately 2% of shares outstanding is expected to vest in connection with the announced commitment, and the remaining approximately 3% would vest with expansion, roughly 1% for each additional $3 billion of cloud services purchases. Akamai said the agreement adds to more than $2.8 billion in multi-year Cloud Infrastructure Services commitments across its customer base previously announced in 2026, and described Akamai Cloud as a distributed network spanning thousands of points of presence from core to edge, built with diversified hardware.

Akamai estimated total capital expenditures related to the $11.6 billion commitment at approximately $5.5 billion. The company said it anticipates no impact to its 2026 revenue guidance and expects an increase of approximately $1.7 billion in 2026 capital expenditures to secure and pre-purchase critical supply chain components, including memory.

Lenovo and Jabil Supply Agreements

The filing also disclosed two supply agreements. On September 23, 2026, Akamai entered a Master Product and Services Agreement and an initial statement of work with Lenovo Global Technologies Ireland International Limited covering hardware products, software programs, and related services. The Lenovo master agreement has an initial three-year term and remains in force while any statement of work is in effect; the statement of work has a seven-year term; and Akamai may terminate for convenience subject to notice requirements and specified termination costs.

On September 24, 2026, Akamai issued a build request under its existing master services agreement with Jabil Inc., dated May 23, 2019, and an amended and restated statement of work effective July 30, 2021, authorizing Jabil to purchase approximately $1.7 billion of memory components. Akamai will pay all corresponding supplier invoice amounts upon Jabil’s receipt of the components; pending use, Jabil will hold them in consignment as bailee for Akamai and repurchase them from Akamai at cost as they are utilized. Akamai determined the Jabil agreement is also a material agreement.

The full texts of the Anthropic master agreement and the Lenovo and Jabil agreements will be filed as exhibits to Akamai’s quarterly report for the quarter ending September 30, 2026.