Akamai (Provider) · Anthropic (Buyer)
- Value
- $11.6B
- $20.6B with all options
- Capacity / term
- n/a · 7y
- First revenue
- 2027-07
Found via web research this run; the largest deal added this week. Neither Akamai nor Anthropic (as a CPU-cloud provider relationship) was on the EDGAR watchlist under this pairing, so this surfaced only via the general web scan, not the daily EDGAR watch. Scale check: Akamai's trailing revenue is in the low-$4B/year range, so an $11.6B commitment landing over 7 years (~$1.7B/year run rate at full ramp by 2028) is large relative to the company but consistent with the company's own guidance language and the capex build it says the deal requires; this is explicitly why Akamai stock re-rated sharply on the announcement (per Yahoo Finance, TechCrunch). Cross-source: SEC 8-K exhibit (primary, Akamai's own release) plus Bloomberg (tier-1, headlining a slightly-rounded '$12 billion') and TechCrunch, both citing the same $11.6B/7-year figures as the base commitment; Bloomberg's '$12 billion' headline rounds the $11.6B base, not a conflicting figure. CPU-only workload, distinct in kind from the GPU-capacity deals that make up most of the ledger.
Conditions: Expanded multi-year agreement for Anthropic's CPU-based AI compute workloads on Akamai Cloud's distributed infrastructure and software, $11.6B base contractual commitment over 7 years, with an option for up to $9B in additional commitments (company describes the combined potential as 'up to approximately $20 billion'; 11.6+9=20.6, so the row's max_with_options_usd is the computed sum rather than the rounded soundbite). Revenue recognition begins H2 2027, reaching an estimated ~$1.7B annualized run rate by end of 2028. Akamai anticipates about $5.5B of its own capex tied to building out the committed capacity ($1.7B of that landing in 2026), which is Akamai's cost to fulfill the contract, not part of this row's value. Akamai granted Anthropic a warrant for non-voting convertible Series B Preferred Stock, 7.7M shares on an as-converted basis (~5% of Akamai's outstanding common stock) at an $111.33 strike; roughly 2% of that vests with the $11.6B base commitment and the remaining ~3% vests in tranches (~1% per additional $3B) as the option is exercised. Company states no impact to 2026 revenue guidance from this contract.