Summary
Akamai says Anthropic committed to pay about $11.6 billion under two plans for dedicated cloud computing capacity and managed support. The plans each have an initial seven-year term, and a separate warrant for Akamai preferred shares is tied to payments and further contract commitments.
Akamai Technologies says Anthropic has committed to pay approximately $11.6 billion for dedicated cloud computing capacity and related managed support services under two new project plans. The plans, entered into on September 18, 2026, each have an initial seven-year term beginning on their respective service start dates.
The commitments are subject to delivery and service-availability requirements, as well as termination provisions in the companies’ existing Master Services Agreement. Akamai’s Form 8-K describes the agreement as material to the company because of its amount or significance.
What the cloud plans cover
The two plans sit under a Master Services Agreement dated May 5, 2026. Akamai’s filing identifies the services as dedicated cloud computing capacity and managed support; it does not specify the hardware configuration or the particular computing workloads covered by the plans.
Cloud computing capacity consists of computing resources used to run software workloads. Arranging capacity on a dedicated basis and pairing it with managed support gives a customer an agreed service relationship over time. Here, the disclosed commitment is substantial and multi-year, while the service start dates—and therefore the calendar dates on which the seven-year terms begin—are specific to each plan.
The agreement includes termination rights. For example, Anthropic may terminate a project plan after notice of a material outage, subject to conditions in the agreement. The overall $11.6 billion figure is therefore a contractual commitment under specified service and termination terms, not an unconditional payment already made.
A warrant linked to further business
Alongside Project Plan 3, Akamai issued Anthropic a warrant to purchase up to 387,051 shares of Akamai’s Series B non-voting convertible preferred stock at an exercise price of $2,226.60 per share. The warrant becomes exercisable in stages, subject to conditions including the Master Services Agreement remaining in effect.
The first 40% of the warrant is tied to Anthropic’s first payment under Project Plan 3. The remaining three 20% tranches vest successively as Anthropic commits each additional $3 billion of contractual value under the Master Services Agreement. If exercised, the preferred shares are initially convertible into 20 Akamai common shares each, for a maximum of 7,741,020 common shares on an as-converted basis. The warrant is exercisable for cash and its vested portion can be exercised until the seventh anniversary of its issue date.
The warrant is distinct from the cloud-services commitment: it gives Anthropic a conditional right to purchase preferred shares, rather than representing common shares issued outright. Its vesting terms connect potential equity participation to payments and additional contracted business.