StocksMediumUpdated×3•Originally published 25 September 2026•Updated 25 September 2026•

1 min read

Akamai Stock Rallies on Piper Sandler Upgrade as Anthropic Deal May Hit $20B

Key Facts

1Anthropic committed to $11.6 billion of Akamai cloud services over 7 years.

2Akamai estimates associated capital expenditure at about $5.5 billion.

3The relationship's potential total could reach about $20 billion if conditional commitments are added.

Piper Sandler upgraded Akamai stock to Overweight following disclosures that its cloud-services agreement with Anthropic could potentially expand to over $20 billion. The upgrade follows a 14.2% rally in Akamai shares to $126.10 in Nasdaq trading on September 25, 2026, triggered by the initial announcement of an $11.6 billion commitment spanning seven years.

AKAM closed at $126.10 on September 25, 2026, moving significantly above the $111.33 exercise price of warrants issued to Anthropic. Akamai estimates total capital expenditure for the commitment at $5.5 billion, including a $1.7 billion increase in 2026 spending to secure components for the service launch scheduled for late second-quarter 2027.

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Version History

6 additional sources confirmed this story

Version 3about 1 month ago

What changed: Updated headline to include Piper Sandler upgrade and potential deal expansion to $20 billion.

Version 2about 1 month ago

What changed: Updated stock price to reflect a 14.2% jump during active trading instead of premarket moves.

Version 1about 1 month ago

What changed: Focused the article on Akamai's Anthropic agreement and added contract terms, the spending and revenue timetable, and potential dilution. Removed the separate Comcast and Twilio stories and corrected the identification of CCZ as Comcast stock.