Anthropic’s Biggest Cloud Deal Yet Is for CPUs, Not GPUs

Anthropic signed a compute deal that is really a bet on the least fashionable chip in the rack.

• Akamai and Anthropic agreed to a seven-year commitment worth $11.6 billion, published on 24 September, that can expand by another $9 billion to about $20 billion.
• Akamai describes the workload as CPU capacity, the general purpose compute behind tool calls, code execution and data movement, not GPUs.
• Akamai issued Anthropic a warrant for up to about 5 percent of its stock at $111.33 a share, vesting as Anthropic spends more. It is the first warrant Akamai has attached to a cloud deal.
• Akamai expects about $5.5 billion in build capex, no revenue before the second half of 2027, then a run rate near $1.7 billion a year by the end of 2028.
• The commitment depends on delivery and service levels, so the headline total is a ceiling rather than booked revenue.

Read the full analysis. Anthropic’s $11.6 Billion Akamai Deal Is a Bet on CPUs, Not GPUs