Akamai Raises $2.6B in Convertible Bonds for Cloud Infrastructure

Akamai is seeking to raise US$2.6 billion through two zero-coupon convertible bond tranches due in 2030 and 2032 to fund cloud infrastructure spending, with pricing expected after the New York market closes on May 19. The offering is tied to a US$1.8 billion computing deal with Anthropic, marking the largest contract in Akamai’s history. The company will use US$350 million to buy back common stock from bond buyers and spend the remainder on hedging costs, capital expenditure for its Cloud Infrastructure Services business, and expanding its global network.

Bond Terms and Financial Structure

The convertible bonds carry conversion premiums of 37.5% to 42.5% for the 2030 notes and 30% to 35% for the 2032 notes. The announcement drove Akamai shares up 27% in a single trading session, marking their largest one-day jump in more than two decades.

Anthropic Deal and AI Infrastructure Demand

Anthropoc’s annualized revenue and usage grew 80x in the first quarter of 2026, according to Dario Amodei, CEO of Anthropic. This growth has driven demand for additional computing capacity, prompting the infrastructure investment.

Broader Market Shift in Cloud Infrastructure

The Anthropic agreement reflects a wider shift in how AI companies deploy workloads. Rather than relying on a single cloud vendor, companies now spread workloads across multiple providers including Google and SpaceX. This trend supports Akamai’s 2022 acquisition of Linode, a cloud provider, for approximately US$900 million in cash, which expanded the company’s cloud business and enabled a more distributed platform.

Demand for edge computing infrastructure extends beyond Akamai. Fastly, a cloud computing company focused on edge services, reported compute revenue rose 67% year over year as AI demand lifted edge workloads.