Akamai Technologies (AKAM) +20% premarket on $11.6B cloud-services deal with Anthropic
What happened
Akamai Technologies announced on September 25, 2026 that it will supply Anthropic with $11.6 billion of Akamai Cloud capacity over seven years, focused on CPU workloads for AI at scale. The commitment could expand by up to another $9 billion, bringing the total potential value to about $20 billion. As part of the agreement, Akamai issued Anthropic a warrant for non-voting convertible preferred stock equal to 7.7 million common shares — up to roughly 5% of Akamai's common stock outstanding — at an exercise price of $111.33 per share, with about 2% vesting on the $11.6B commitment and the rest vesting in ~1% increments per additional $3 billion.
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- AKAM — the deal is its largest contract ever and ties its infrastructure business directly to Anthropic's AI compute growth; shares surged roughly 20% in premarket Thursday (Reuters reported a 22% extended-trading pop) and closed the session up 3.20% at $113.94. Anthropic (private, IPO-bound) — locks up long-dated CPU capacity for agentic workloads. The broader AI-infrastructure cohort (cloud/neocloud providers, memory suppliers) benefits from the read-through that CPU demand for agentic AI is accelerating.