Anthropic committed $11.6 billion over seven years for cloud infrastructure from Akamai, the company announced Thursday—the largest deal in Akamai's corporate history and six times the $1.8 billion Akamai agreement reported in May.

The expanded commitment reflects how AI labs are locking in compute supply while reshaping the economics of supplier relationships. Anthropic is betting heavily on general-purpose CPUs, a less-hyped segment than GPU-focused capacity, as AI agents demand more varied processing tasks.

Akamai's securities filing reveals the $11.6 billion is contingent on meeting specific delivery and service-availability requirements, with either party able to terminate under certain conditions. The company expects no revenue recognition in 2026, $150 million to $300 million in 2027, and roughly $1.7 billion annual run-rate by end of 2028. To build the capacity, Akamai will spend about $5.5 billion and has added $1.7 billion to its 2026 capex budget for memory and components.

The deal's novel structure gives Anthropic a warrant convertible into 7.7 million common shares—up to 5 percent of Akamai's outstanding stock. The strike price is $111.33 per share. About 2 percent of the warrant vests upon Anthropic's initial payment, with the remainder unlocking incrementally. Each additional $3 billion in spending triggers roughly 1 percent more warrant vesting, potentially expanding total deal value to around $20 billion.

Warrants in cloud services contracts remain rare. AMD deployed a similar mechanism with OpenAI last year, tying warrant grants to chip-purchase milestones. The structure inverts typical venture dynamics: instead of chipmakers and cloud providers investing in AI labs, Akamai grants its customer direct equity upside tied to consumption growth.

Amazon, Google, Microsoft, and AMD have all invested in Anthropic while selling it chips or capacity. Anthropic CEO Dario Amodei said in December the company does not pursue equity arrangements at the scale some competitors do.

Akamai shares rose 17 percent in after-hours trading Thursday.