On September 25, Akamai surged 20.48% overnight, trading at $133.99 USD/share, with turnover of $160,000. The rally was driven by the announcement of a landmark $11.6 billion, seven-year cloud infrastructure commitment with AI company Anthropic.

Under the deal, Akamai will support Anthropic's CPU workload demands using Akamai Cloud's infrastructure. As part of the agreement, Akamai issued Anthropic a warrant to purchase non-voting convertible Series B Preferred Stock representing 7.7 million shares of common stock on an as-converted basis, at an exercise price of $111.33 per share. Approximately 2% of vesting is tied to the current commitment, with the remainder vesting if the deal expands by up to an additional $9 billion. Akamai estimated capital expenditures tied to the deal at approximately $5.5 billion, including a $1.7 billion increase to its capex guidance, while noting no impact to its revenue guidance.

The deal validates a thesis previously outlined by Piper Sandler, which upgraded Akamai to Overweight in early September, citing an approaching inflection point in the company's cloud computing business. JPMorgan had also upgraded Akamai to Neutral with a $158 target in August.

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