Akamai Technologies has entered into a seven-year cloud infrastructure agreement with Anthropic, valued at $11.6 billion. This deal, announced on September 24, follows a previous $1.8 billion contract from May, bringing the total potential value of the partnership to approximately $20 billion.
As part of the agreement, Akamai issued a warrant allowing Anthropic to acquire up to 5% of its common stock. The warrant is structured as non-voting convertible Series B Preferred Stock, representing about 7.7 million shares with an exercise price of $111.33 per share.
Vesting of the equity is tied to spending milestones. Anthropic receives 2% of the stock immediately upon the $11.6 billion commitment. The remaining 3% will vest incrementally as the company spends up to an additional $9 billion on Akamai services over the contract term.
Anthropic will utilize Akamai Cloud to scale its CPU workloads. While the arrangement offers Anthropic financial participation in Akamai's stock growth, the non-voting status ensures that Akamai retains full control over its corporate governance.
