Akamai Technologies' Anthropic Deal Improves Cloud Business Visibility, Oppenheimer Says

12:56 PM EDT, 09/25/2026 (MT Newswires) -- Akamai Technologies' (AKAM) $11.6 billion agreement with Anthropic improves visibility for its cloud business and may lead investors to value it more highly, Oppenheimer said in a report Friday. The seven-year commitment represents about $1.7 billion in annual revenue at full run-rate by the end of 2028, the firm said. Additional commitments of up to $9 billion would bring the total contract value to about $20 billion, the investment firm said. Akamai expects to spend about $5.5 billion to build the capacity needed for the agreement. Oppenheimer estimated that the Anthropic deal alone would require about 77 megawatts of power, while noting that Akamai has "not disclosed its deal-specific power requirement," according to the report. The investment firm said the contract demonstrates that Akamai's cloud platform can attract major artificial intelligence workloads and may help it win further business as capacity comes online. Oppenheimer reiterated an outperform rating on Akamai Technologies, with a price target of $180. The company's shares were up 5.2% in Friday afternoon trading. Price: 116.19, Change: +5.78, Percent Change: +5.24