Akamai Technologies Inc. (NASDAQ:AKAM) stock surged about 21% in Friday premarket trading after the company expanded its partnership with Anthropic through an $11.6 billion cloud commitment.
Akamai also disclosed new agreements with Lenovo and Jabil Inc. (NYSE:JBL).
Anthropic Commits $11.6 Billion
On Thursday, Akamai said Anthropic committed $11.6 billion to its cloud services over seven years.
The agreement will support Anthropic’s growing CPU workload requirements. It will use Akamai Cloud’s distributed AI infrastructure and software.
The deal adds to more than $2.8 billion in previously announced multiyear Cloud Infrastructure Services commitments across Akamai’s customer base this year.
Akamai Issues Anthropic Warrant
As part of the expanded partnership, the company issued Anthropic a warrant to buy nonvoting convertible Series B preferred stock.
The warrant represents 7.7 million Akamai common shares on an as-converted basis. That equals up to about 5% of the company’s outstanding common stock. The exercise price is $111.33 per share.
About 2% of Akamai’s outstanding shares are expected to vest under the initial $11.6 billion commitment.
The remaining roughly 3% could vest if Anthropic expands its commitment by up to another $9 billion during the seven-year warrant term. Each additional $3 billion in cloud-service purchases would vest shares equal to about 1% of Akamai’s outstanding stock.
Akamai Plans $5.5 Billion In Capex
Akamai expects capital spending tied to the agreement to total about $5.5 billion.
The company expects roughly $1.7 billion in additional capital expenditures in 2026. Those funds will help secure and pre-purchase critical supply-chain components, including memory.
However, the company said the agreement will have no impact on its 2026 revenue guidance.
Lenovo And Jabil Deals
On Wednesday, Akamai signed a three-year Master Product and Services agreement with Lenovo Global Technologies Ireland International Limited. The companies also signed a seven-year Statement of Work.
Lenovo will provide hardware, software, and related services to Akamai and certain affiliates.
On Thursday, Akamai also signed a Build Request with Jabil Inc. (NYSE:JBL) under an existing Master Services Agreement and Statement of Work.
Jabil provides contract manufacturing services, including customized server hardware, warranties, spare parts and repairs.
Akamai authorized Jabil to purchase about $1.7 billion of memory components. Akamai will pay supplier invoices when received. Jabil will hold the components on consignment and repurchase them at cost as they are used.
Analyst Outlook
AKAM trades at a price-to-earnings ratio of about 40 times. The stock carries a Buy consensus rating with an average price forecast of $153.73.
Citigroup maintained a Neutral rating and lowered its price forecast to $122 on Sept. 4. Piper Sandler upgraded AKAM to Overweight on Sept. 1 while lowering its price forecast to $125. JPMorgan upgraded the stock to Neutral on Aug. 13 and raised its price forecast to $158.
AKAM Price Action
AKAM Stock Price Activity: Akamai shares jumped 21.09% to $133.70 in Friday premarket trading, according to Benzinga Pro data.
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