Anthropic and Akamai signed two plans for dedicated cloud computing capacity on September 18. Akamai disclosed them in a September 24 SEC filing, putting Anthropic’s aggregate commitment at approximately $11.6 billion. Payment under the plans is subject to delivery, service availability and termination provisions. The figure describes a conditional commitment over future service terms, not cash already paid.

The big change

  • What changed: The two new project plans make Anthropic a much larger committed buyer of Akamai’s dedicated cloud capacity. Akamai says the capacity will support Anthropic’s growing CPU workloads.
  • How it happens: Akamai must build and deliver the capacity, then make service available. Each plan has an initial seven-year term beginning on its own service start date.
  • Why it matters: The signed plans make Akamai’s buildout and service dates material to Anthropic’s future capacity. Akamai’s disclosed timetable places most service and revenue in later years.

When Akamai expects service and revenue

The September 24 investor presentation estimates that service will begin in late Q2 2027. It projects $150 million to $300 million of revenue in 2027 as delivery ramps in the second half. Akamai expects to reach the full contracted revenue run rate by the end of 2028, then recognize about $1.7 billion a year through the remaining term. These are company estimates, dated September 24, rather than completed deliveries or guaranteed annual receipts.

The build requires substantial spending first. Akamai estimates about $5.5 billion in capital expenditure tied to the $11.6 billion commitment: roughly $1.7 billion in Q4 2026, $3.1 billion in 2027 and $700 million in 2028. It says the 2026 spending will help secure components including memory and anticipates no change to its 2026 revenue guidance. The presentation’s revenue schedule shows none from this deal in Q4 2026.

CPU capacity and an expansion that remains possible

Akamai’s announcement identifies the new commitment as support for Anthropic’s CPU workloads on its distributed cloud infrastructure and software. It does not disclose how many CPUs Anthropic will use or establish a new GPU purchase. Akamai separately says the relationship could expand by up to another $9 billion, taking potential contractual value to about $20 billion. That additional amount has not been committed under the two disclosed plans.

The companies also signed a warrant on September 18. It gives Anthropic the right to buy non-voting preferred shares equivalent to as many as approximately 7.7 million Akamai common shares, or about 5% of shares outstanding, at an effective exercise price of $111.33 per common-share equivalent. The filing says the first 40% of the warrant shares vest on Anthropic’s first payment under Project Plan 3, subject to conditions. Three later tranches vest as Anthropic commits each additional $3 billion of contractual value. Vesting and exercise are separate: exercising vested rights requires a cash payment to Akamai.

The next concrete test is delivery against the late-Q2 2027 service target. The SEC filing says Anthropic may terminate a plan after a material outage, subject to conditions, and the full services agreement is expected to be filed with Akamai’s quarterly report for the period ending September 30.