Akamai Discloses $11.6 Billion Anthropic Cloud Deal, Share Warrant, and New Lenovo, Jabil Supply Agreements

Akamai Technologies disclosed an $11.6 billion arrangement with Anthropic under which Akamai will provide cloud infrastructure and software, according to a filing reproduced by Stock Titan. The disclosure was paired with a warrant tied to Anthropic that could convert into up to 7.74 million Akamai common shares, plus new hardware supply agreements with Lenovo and contract manufacturer Jabil to support the buildout.

The filing is dated September 24, 2026. The following morning, Akamai shares were among the biggest premarket movers, according to CNBC, and Seeking Alpha described the Lenovo and Jabil disclosures as extending Akamai's rally tied to the Anthropic news.

The Anthropic Warrant and Series B Preferred Structure

To support the Anthropic relationship, Akamai filed a Certificate of Designations with the Delaware Secretary of State establishing 387,051 shares of Series B Non-Voting Convertible Preferred Stock, according to the filing reproduced by Stock Titan. Each Series B share is initially convertible into 20 shares of common stock, which the company said means the warrant shares represent up to 7,741,020 Akamai common shares on an as-converted basis.

Based on the reported figures, 387,051 preferred shares converting at 20 common shares apiece produce the 7,741,020 as-converted share count Akamai disclosed (387,051 × 20 = 7,741,020, our calculation). That conversion rate carries customary anti-dilution adjustments for stock splits, combinations, stock dividends and reclassifications, per the filing.

Notably, the preferred shares do not convert at the holder's election. Stock Titan's reproduction of the filing states that Series B shares convert automatically into common stock only upon a transfer by a holder to a party other than Anthropic and its wholly owned subsidiaries, or if a holder ceases to be Anthropic or a wholly owned Anthropic subsidiary. The stock carries no voting rights except as required under Delaware law, a $0.01-per-share liquidation preference, and participation in dividends alongside common holders on an as-converted basis. The filing did not detail an exercise price for the warrant.

Jabil Memory Component Purchase

To support the infrastructure buildout tied to the deal, Akamai authorized Jabil to purchase approximately $1.7 billion of memory components under a Build Request, with Akamai paying the corresponding supplier invoices once Jabil receives the parts, according to the filing. Jabil will hold the components in consignment as bailee for Akamai and repurchase them from Akamai at cost as they are used. The Build Request also addresses disposal and carrying costs for unconsumed inventory and amends product warranties on products ordered under it.

The Build Request was issued under an existing Master Services Agreement between Akamai and Jabil dated May 23, 2019, and an amended and restated statement of work effective July 30, 2021, covering contract manufacturing of customized server hardware along with warranty, spare parts and repair services. Akamai determined the Jabil agreement is now a material agreement under Item 1.01 of Form 8-K because it is no longer immaterial in amount or significance to the company, the filing said. The disclosure did not detail how the $1.7 billion outlay affects Akamai's free cash flow, debt levels, or buyback plans.

Lenovo Master Product and Services Agreement

On September 23, 2026, Akamai signed a Master Product and Services Agreement with Lenovo Global Technologies Ireland International Limited covering hardware, software and related services for Akamai and certain affiliates, according to the filing reproduced by Stock Titan and corroborated by Seeking Alpha. The master agreement has an initial three-year term and remains in force as long as any statement of work is active. The first statement of work under the agreement runs seven years. Akamai may terminate the Lenovo agreement or any statement of work for convenience, subject to notice requirements and payment of specified termination costs described in the filing.

Akamai said the complete Lenovo and Jabil agreements will be filed as exhibits to its Form 10-Q for the quarter ending September 30, 2026, and cautioned that the descriptions in the current filing are not complete.

Analyst and Market Reaction

GF Securities said the Anthropic deal, aimed at supporting CPU growth, "reinforces just how important CPUs have become to artificial intelligence," according to Seeking Alpha. CNBC listed Akamai among the biggest premarket movers on September 25, 2026, and Seeking Alpha reported that the Lenovo and Jabil filings extended the stock's post-Anthropic rally. Bottom line: as reproduced by Stock Titan, the filing pairs an $11.6 billion cloud commitment with a warrant that could add up to 7,741,020 common shares on an as-converted basis and roughly $1.7 billion of authorized memory-component purchases through Jabil. Reading those disclosures together as a single scaling commitment is our interpretation of the filing, not a company projection; Akamai said complete copies of the Lenovo and Jabil agreements will be filed with its Form 10-Q for the quarter ending September 30, 2026.