$AKAM · AKAMAI TECHNOLOGIES INC
Akamai filed an 8-K disclosing that on September 18, 2026, it entered into two seven-year Project Plans with Anthropic under an existing Master Services Agreement, with Anthropic committing to pay approximately $11.6 billion for dedicated cloud computing capacity and managed services. In connection with Project Plan 3, Akamai issued Anthropic a warrant for 387,051 shares of Series B Non-Voting Convertible Preferred Stock (convertible into ~7.74M common shares) at an exercise price of $2,226.60 per share, vesting in tranches tied to payments and additional contractual commitments. The filing,
- Anthropic committed to pay Akamai ~$11.6 billion in aggregate under two seven-year Project Plans for dedicated cloud computing capacity.
- Akamai issued Anthropic a warrant for 387,051 shares of Series B Preferred Stock, convertible into up to 7,741,020 common shares.
- The warrant vests in four tranches: 40% on first Project Plan 3 payment, then three 20% tranches at each additional $3B in contractual value
- Akamai also disclosed a $1.7B memory-component authorization with Jabil and a seven-year hardware agreement with Lenovo to support the build
- The Anthropic MSA, originally dated May 5, 2026, was deemed no longer immaterial, triggering this 8-K disclosure.
Stock fell 6.78% in the regular session to $110.41 despite the $11.6B deal announcement. The warrant dilution (up to 7.74M shares) and the $1.7B Jabil capex commitment may be weighing on sentiment, though the revenue backlog is transformative for a $16.05B market-cap company.
An $11.6B commitment from the premier AI lab Anthropic transforms Akamai from a CDN/security vendor into a major AI-infrastructure player, though the 7.74M-share warrant and $1.7B Jabil outlay add dil
This is one of the largest cloud-infrastructure-as-a-service deals ever disclosed, positioning Akamai as a major AI-cloud provider alongside hyperscalers. The Anthropic relationship mirrors Microsoft's OpenAI and Google's Anthropic investments but structured as a pure customer-supplier agreement.
Anthropic can terminate each Project Plan upon a material outage; Akamai must meet delivery and service availability requirements to earn the $11.6B. Anthropic can also terminate upon a change of control of Akamai in favor of a direct competitor. The Lenovo and Jabil agreements carry significant up‑
Get filings like this before the market reacts.
Real-time SEC filing alerts, AI summaries, and a free daily digest — plus portfolio tracking that ties filings to your positions.