Anthropic's $11.6B Akamai Deal Pushes Compute Commitments Past $500B

Akamai's equity warrant and $500B in contracted compute reveal a credit-expansion machine, not a cash-flow business.

Key takeaways

• Anthropic signed a seven-year, $11.6 billion cloud deal with Akamai Technologies (announced September 24), expandable to $20 billion, pushing its aggregate contracted compute north of $500 billion in under a year.
• Akamai is issuing Anthropic a warrant for up to roughly 5% of its common stock, the first time it has done so in a customer deal, raising legitimate questions about circular financing arrangements in AI infrastructure.
• Anthropic is projecting approximately $11 billion in losses in both 2026 and 2027 per reporting from The Information and the Wall Street Journal; the entire buildout runs on credit expansion and future revenue expectations, not current cash.

Anthropic locked in an $11.6 billion, seven-year cloud services agreement with Akamai Technologies, announced September 24 and confirmed in a Akamai SEC Form 8-K, with an option to expand by another $9 billion for a total potential commitment of roughly $20 billion. The deal pushes Anthropic's aggregate contracted compute commitments north of $500 billion in under twelve months, per a September 6, 2026 report from The Information that put the pre-Akamai baseline at $517 billion across 14.8 gigawatts of capacity.

The Structure of the Deal

Akamai estimates roughly $5.5 billion in total capital expenditure to fulfill the initial $11.6 billion commitment, with an additional $1.7 billion in 2026 capex to pre-purchase components including memory. Akamai shares jumped roughly 15 to 20 percent in extended and premarket trading on the news.

The warrant is the detail that demands attention. Akamai is issuing Anthropic a warrant for up to approximately 5% of its common stock outstanding (roughly 7.7 million shares at an exercise price of $111.33 per share). About 2% vests with the initial commitment; the remaining 3% vests only if the deal expands by the full additional $9 billion. Per Bloomberg reporting, CEO Tom Leighton said this is the first time Akamai has issued a warrant as part of a customer cloud deal.

The plans themselves were entered September 18 under an existing master services agreement. The public announcement came September 24.

Credit Expansion Wearing an Infrastructure Jacket

The headline number is extraordinary, but the financing logic underneath it is what matters. Anthropic's own press release confirmed a revenue run rate surpassing $30 billion as of approximately April 2026, up from roughly $9 billion at the end of 2025. Revenue is growing fast. The problem is the cost structure growing faster.

Per reporting from The Information and the Wall Street Journal, Anthropic is projecting approximately $11 billion in losses in both 2026 and 2027 before reaching cash-flow-positive. The company filed confidentially for an IPO at a $965 billion valuation after closing its Series H in May 2026. The compute commitments in The Information's pre-Akamai $517 billion tally include AWS ($100 billion over a decade), Broadcom (roughly $63 billion by 2027), Fluidstack ($50 billion), Nscale and Monarch WV ($45 billion), SpaceX ($45 billion), Lambda/Nvidia ($35 billion), and others. The Akamai deal is additive to all of that.

The structure looks like what it is: a credit-expansion-funded buildout, financed by outside capital and future revenue projections, not current cash generation. Wall Street is already flagging "circular AI deals," and the Akamai warrant crystallizes the concern. Counterparties hold equity stakes in each other. The compute landlords are financed by the same capital pools backing the AI labs. This is the same dynamic that made 2008 mortgage structures look solid until they weren't. TFTC has tracked how the AI capex fragility runs deeper than the headline contract figures suggest, and Jensen Huang's factory payback math illustrates why the vendor-side pitch deserves skepticism.

The falsifiable version of this thesis: if Anthropic hits reported projections of roughly $55 billion in 2027 revenue per The Information's reported figures while holding compute costs near current levels, the capex commitments become self-funding and the credit-bubble framing is wrong. That is the trigger to watch. Until then, the infrastructure pyramid is priced on expectations, not receipts.

What Bitcoin Miners Know That Wall Street Is Learning

The energy angle is where TFTC's audience should focus. Every Anthropic deal, including the Nscale/Monarch West Virginia arrangement and the Akamai distributed edge deployment, is ultimately a competition for dispatchable electricity. Riot Platforms confirmed via SEC 8-K a $9.1 billion, 20-year compute deal with a leading frontier AI lab (identified as Anthropic by CNBC), covering 191 megawatts at its Rockdale, Texas facility. That is power locked away from Bitcoin mining under a two-decade lease.

Bitcoin mining's proof-of-work is transparent about energy consumption and economically self-correcting: hash rate follows price follows energy cost, in real time, on a public ledger. The AI capex stack is a web of contracted obligations, equity warrants, and revenue projections that do not self-correct on the same feedback loop. When the grid cannot grow fast enough to serve both, the allocation fight gets political and the party with the longer lease and the bigger legal team wins.

PwC's Global Data Centre Outlook projects $31.6 trillion in cumulative AI data center capex through 2050, with power availability as the binding constraint. The Akamai deal is one data point in a much longer line.

What to Watch

Three triggers matter: Anthropic's IPO pricing against the $965 billion Series H valuation (any significant discount signals that the revenue projections are not holding); whether compute contract termination provisions get exercised as the capex cycle matures; and Akamai's actual 2026 capex spend against the $1.7 billion guided increase. If the revenue projections prove out, this looks like industrial-scale infrastructure financing. If they do not, the warrant structure and circular equity arrangements become the story.

Update, September 29, 2026

Anthropic's confidential IPO prospectus, reviewed by Reuters, puts hard numbers on the SpaceX relationship for the first time. Anthropic has signed compute contracts with SpaceX worth up to $84.5 billion through 2029, nearly double earlier estimates, as part of a plan to spend at least $518 billion in total over the next decade to build out its infrastructure capacity.

SpaceX's own Form S-1 had outlined that the May 2026 agreements covered capacity at the Colossus 1 and Colossus 2 data centers, with Anthropic agreeing to pay $1.25 billion per month through May 2029, putting the minimum at roughly $42.5 billion excluding the ramp months. The Anthropic prospectus nearly doubles that figure. The partnership traces to May 2026, when Anthropic secured exclusive access to Colossus 1, a SpaceX facility housing more than 220,000 Nvidia GPUs running on over 300 megawatts of power.

The full liability stack across Anthropic's major partners is now disclosed. Approximately 80% of the $518 billion is non-cancelable or payable regardless of usage, and the company plans to spend at least $111.1 billion with Google, $110 billion with Amazon, and $31.4 billion with Microsoft over the next seven to ten years.

Unlike those cloud platform commitments, the SpaceX agreements generally permit termination with 90 days' written notice -- the flexible portion of an otherwise rigid balance sheet. The prospectus also reveals that Anthropic and SpaceX are in exploratory discussions around multi-gigawatt orbital AI compute capacity.

TD Cowen initiated coverage of SpaceX on September 29 with a Buy rating and a $200 price target, with analyst John Blackledge arguing that terrestrial AI compute leasing could become the company's fastest-growing business and make up most of SpaceX's revenue by early 2027.

The loss figures in the filing reframe what the article previously reported. Anthropic recorded a net loss of nearly $42 billion in 2025 and plans to spend about $518 billion on cloud services, computing power and infrastructure in coming years.

The near-$42 billion net loss included a roughly $34 billion accounting charge reflecting an increase in the estimated value of financing that could eventually turn into Anthropic shares, rather than money the company spent running its business.

Revenue surged twelvefold in 2025 to nearly $4.6 billion, but the operating loss reached $8.06 billion, up from $2.98 billion in 2024.

The company spent $7.33 billion on computing power and infrastructure last year, roughly three times its 2024 spending and more than half of its total $12.65 billion in operating expenses.

The prospectus also flags concentration risk that deserves attention. Nearly a quarter of Anthropic's revenue came from two customers last year, and the company warned that many of its largest clients were not locked into long-term contracts and could cut or stop spending.

At year-end, Anthropic held $20.28 billion in cash, cash equivalents, and short-term investments.

The public sale, which could value Anthropic at more than $2 trillion, would be more than double the $965 billion private valuation it reached in May.

Reuters has previously reported that the IPO is likely delayed until after the November U.S. midterm elections. The Akamai deal sits on top of all of it.

Update, October 26, 2026

Anthropic publicly filed its S-1 prospectus today, and the numbers sharpen the picture considerably. The 318-page filing puts total committed compute spend between $542 billion and $567 billion: a $417 billion tranche signed December 31, 2025 covering deals running one to 20 years starting in 2026-2027, plus an additional $125 billion to $150 billion in capacity starting between 2028 and 2031, with pricing not yet finalized. Compute hit $5.6 billion in Q2 2026 alone, against $11.6 billion in revenue for the same quarter. The updated prospectus now shows a net loss of $80.7 billion for the first half of 2026 -- mostly non-cash accounting charges, as established in the September update, but the operating burn underneath it is real and accelerating. The filing also discloses $6.2 billion in debt, one of the largest debt loads for a pre-IPO AI company.

The filing also discloses a structural shift in how Anthropic intends to operate. Starting around September 30, 2026, the company began entering into purchase commitments and lease agreements for Anthropic Direct, under which third-party partners will secure the real estate, power, and facilities and manage the data centers, while Anthropic leases the compute it needs -- with rent payments over five years totaling $125.2 billion, excluding interest. The move is a direct play to reduce dependence on the same hyperscalers -- Google, Amazon, Microsoft -- to whom it is simultaneously paying hundreds of billions in contracted commitments. Anthropic filed to list Class A shares on the Nasdaq Global Select Market under the ticker ANT.

The infrastructure risk section of the S-1 is where the filing gets specific in ways that prior reporting had not. Anthropic called out existing and proposed moratoriums on new data center construction by jurisdictions across the U.S. as a key risk factor; as of last month, 16 states had formally weighed such moratoriums, ranging from narrow pauses to more sweeping bans aimed at stopping rapid data center construction from causing grid strain and other problems for neighbors.

The biggest risk Anthropic identifies is connecting power to the data center, which could be delayed due to permitting, legal challenges, and supply-chain disruptions.

The company also flags that "the construction of the generation and transmission infrastructure on which we depend is itself capital-intensive and exposed to labor shortages, supply chain disruptions, permitting delays, changes in interest rates, tariffs, other cost overruns, and financing constraints."

The Bitcoin energy competition angle the S-1 makes explicit is worth isolating. Anthropic directly acknowledges in the filing that "competition for access to electrical supply and data center locations with adequate power availability is intense," and that it competes for such access with "cryptocurrency mining operations" alongside hyperscalers and other large-scale electricity consumers. That is not boilerplate. It is the legal acknowledgment of what this coverage has tracked across the TeraWulf, Riot Platforms, and AMD deals: the same power sites, permitting corridors, and grid interconnection slots that Bitcoin miners depend on are being absorbed into Anthropic's infrastructure stack. The filing further warns that regulators, grid operators, or utilities may subject large electricity loads to curtailment, interruptions, or forced reductions during periods of grid stress, and that new large loads may be increasingly subject to mandatory curtailment in regions where there is insufficient grid-connected generation. The falsifiable version of the thesis remains the same: if Anthropic's buildout draws primarily from new dedicated generation rather than the interconnection queues miners compete in, the direct competition narrative softens. The S-1 risk language suggests Anthropic's own lawyers do not believe that to be the case.

Update, October 27, 2026

The S-1 Anthropic filed Monday surfaces the Broadcom relationship at full scale for the first time. The filing describes roughly $161.2 billion in total Broadcom commitments, structured as approximately $125.2 billion in five-year equipment lease rent (excluding interest) plus up to $42 billion in convertible notes Anthropic may issue directly to Broadcom to cover quarterly rent obligations at a 9% interest rate paid in kind. Those leases generally cannot be cancelled except following a default. That makes Broadcom the single largest line item in Anthropic's liability stack, ahead of SpaceX, Google, and Amazon.

The financing structure layered on top of those leases is what turns this into a circular-credit story in its own right. Bank of America, Blackstone, Citi, and Morgan Stanley will provide $63 billion in financing to buy Broadcom's AI chips and networking gear for Anthropic, running through a newly formed special purpose vehicle that purchases the equipment and leases it back. Broadcom is providing "residual value support" to lenders who are taking the senior debt -- effectively a significant guarantee from the chip seller itself. The Wall Street Journal reported that Broadcom CEO Hock Tan personally stepped in to convince the banks to finalize the arrangement. Deliveries are expected to begin in 2027.

The conflict-of-interest architecture here is layered. When the entity providing the chips is also the entity providing the financing and backstopping the senior debt, the traditional arm's-length relationship between vendor and client disappears entirely. Broadcom can collect in cash with interest at maturity or in Anthropic stock at a 10% discount to market, which means part of what Broadcom is owed for its chips may ultimately arrive as a claim on Anthropic equity rather than cash -- making the chip seller one of Anthropic's largest creditors simultaneously. The Akamai warrant dynamic this article flagged at the outset has now been replicated at a scale an order of magnitude larger.

Markets read the S-1 disclosures as a demand signal for the AI infrastructure chain. Broadcom shares surged more than 4% on Tuesday, building on a 2% gain Monday after the filing dropped. DA Davidson upgraded Broadcom to Buy from Neutral and raised its price target to $400 from $350, arguing the Anthropic IPO confirms the AI infrastructure cycle has further to run. The upgrade is a Wall Street stamp of approval on the same circular structure -- Broadcom's stock price rising because its largest customer just disclosed it owes Broadcom $161 billion it does not currently have cash to pay. That is the feedback loop in plain sight.

Sources

• Akamai press release, September 24, 2026
• Akamai SEC Form 8-K (Exhibit 99.1)
• Anthropic press release confirming $30B revenue run rate
• Riot Platforms SEC 8-K, August 10, 2026
• PwC Global Data Centre Outlook press release
• The Information, September 6, 2026 (no public URL confirmed; $517B aggregate compute figure)
• The Information and Wall Street Journal (reported Anthropic loss projections of approximately $11 billion in 2026 and 2027; not confirmed by Anthropic directly)