Akamai Inks $11.6B Anthropic Cloud Deal, Issues 5% Warrant, Adds $1.7B Jabil Memory Build
AKAM sits 85% above its 52-week low of $70.82.
Summary
Akamai signed a $11.6B, seven-year cloud infrastructure deal with Anthropic, issued a warrant for up to 5% of its stock, and authorized $1.7B in memory component purchases through Jabil to support the buildout.
Key Events · M&A and Partnerships · AKAM
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$11.6B Anthropic Cloud Agreement
A seven-year commitment for dedicated cloud computing capacity and managed support services under Project Plans 2 and 3 of the existing Master Services Agreement dated May 5, 2026. Potential expansion of up to $9B more brings total potential commitment to approximately $20B.
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Warrant for 5% of Common Stock
Anthropic received a warrant for 387,051 shares of Series B Non-Voting Convertible Preferred Stock, convertible into 7,741,020 common shares (approx. 5% of outstanding) at $111.33 per common share equivalent. 40% vests on first Project Plan 3 payment; remaining 60% vests in three 20% tranches tied to additional $3.0B commitments each.
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$1.7B Jabil Memory Build Request
Jabil was authorized to purchase approximately $1.7B of memory components under the existing manufacturing agreement, with Akamai paying supplier invoices and Jabil holding components in consignment until utilized.
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$5.5B Total Capex, $1.7B 2026 Increase
Total capital expenditures related to the $11.6B commitment are estimated at approximately $5.5B, with an increase of approximately $1.7B in 2026 capex to secure and pre-purchase critical supply chain components including memory.
Analysis · AKAM · Trade & Services
A seven-year, $11.6 billion cloud infrastructure agreement with Anthropic has been formalized—the largest commercial commitment in Akamai's history and roughly 10x its current annual revenue. The deal includes a warrant for up to 5% of Akamai's common stock, with 2% vesting immediately and the remainder tied to an additional $9 billion in potential expansion. To support the buildout, $1.7 billion of memory components are being pre-purchased through Jabil, and total capex is expected to reach $5.5 billion, including a $1.7 billion increase in 2026. This transforms Akamai's growth trajectory from a 5% revenue grower to a hyperscale AI infrastructure provider, but the warrant dilution and massive capex commitment are the price of that transformation.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 42.2% of the 325 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.39%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, AKAM was trading at $130.75 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $15.9B. The 52-week trading range was $70.82 to $165.45. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.