Anthropic will spend $11.6 billion over seven years on Akamai‘s cloud infrastructure, Akamai said Thursday, the largest contract in the company’s history. The commitment is more than six times the roughly $1.8 billion deal Bloomberg reported in May, but it is not ironclad: per Akamai‘s securities filing, payments depend on Akamai meeting delivery and service-availability requirements, and either company can exit the agreement under specified conditions.

The deal is a bet on a less-hyped corner of AI infrastructure: CPUs. General-purpose chips handle work like running code and browsing the web, and demand for them has grown as AI agents take on more tasks, though Akamai did not specify what Anthropic will use the capacity for. Financially, Akamai will recognize no revenue from the deal this year. On an investor call Thursday, executives guided to $150 million to $300 million in 2027, starting in the second half, with revenue reaching an annual pace of about $1.7 billion by the end of 2028. Akamai expects to spend roughly $5.5 billion to build out the capacity and is adding about $1.7 billion to this year’s capital spending to buy components such as memory in advance.

The structure includes a warrant that is new for Akamai: the company issued Anthropic rights to nonvoting preferred stock convertible into 7.7 million common shares—up to about 5 percent of outstanding stock—at $111.33 per share. About 2 percent vests once Anthropic makes its first payment, and each additional $3 billion Anthropic commits to Akamai cloud services unlocks roughly another 1 percent. That means the arrangement could grow by as much as $9 billion, to about $20 billion in total. Akamai has never attached a warrant to a cloud deal before, and the contract is the largest in company history.

The warrant flips the more common pattern in circular AI deals, in which chipmakers and cloud providers invest directly in the AI labs that buy their products. Here, Akamai instead gives its customer a potential equity stake that expands as Anthropic spends more. AMD used a similar structure with OpenAI last year, tying warrants to chip-purchase milestones. Anthropic is already familiar with such arrangements: Amazon, Google, Microsoft, and AMD have all invested or agreed to invest in the company while selling it chips or cloud capacity, though CEO Dario Amodei told The New York Times last December that Anthropic does not participate in these deals at the “same scale as some other players.” Akamai shares rose as much as 17 percent in after-hours trading Thursday, The Wall Street Journal reported.