Akamai invented the content delivery network in 1998 and rebuilt itself as a security company: security was 53.3% of its $4,208 million of revenue in 2025 and grew 9.8%, while the delivery business it was founded on shrank. In 2026 it set out to become a builder of computing capacity for artificial-intelligence companies. By August it had signed more than $2.8 billion of multi-year cloud commitments, and on 24 September Anthropic committed $11.6 billion over seven years, with an option for up to $9 billion more, to a business, Cloud Infrastructure Services, that earned $313.9 million in 2025. Akamai is paying first: capital spending implied at about $3.5 billion in 2026, roughly 78% of revenue against 19.4% in 2025, and $3.5 billion of zero-coupon convertible notes. The shares rose 26.6% the day after the first large contract, peaked at $161.14 in May and were back where the year began by mid-October. This is a full institutional-grade equity research report on Akamai Technologies, Inc. (Nasdaq: AKAM), built from SEC XBRL company facts, the 1999 prospectus, every annual report since, the Forms 10-Q to June 2026, every earnings release, the Anthropic agreement and warrant, and the proxy statements, into nine chapters, a Thesis, a Valuation and 118 rebuilt charts.
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