Anthropic has committed about $11.6 billion to dedicated cloud capacity from Akamai Technologies over seven years, under two project plans aimed at CPU workloads for its fast-growing compute needs. The agreement can expand by up to $9 billion, for a potential total near $20 billion, with Anthropic's payments tied to Akamai hitting delivery and availability milestones.

Akamai also issued Anthropic a warrant for up to roughly 5% of its outstanding common stock at an exercise price equivalent to $111.33 per share, with about 2% vesting on the initial commitment and the rest vesting as each additional $3 billion of services is taken up. Akamai says it expects about $5.5 billion of capital spending tied to the deal and raised its 2026 capex by about $1.7 billion to secure components like memory.

Akamai shares jumped about 15% in extended trading Thursday on the news. The deal is one of the largest cloud-capacity commitments an AI lab has made to a single infrastructure provider, and it underscores how the compute race now dominates frontier-lab spending even as models get cheaper.