Akamai's signed AI book tops $14B, anchored by Anthropic's $11.6B commitment
pdamodaran · x · 2026-11-06
Akamai's Q3 2026: revenue $1.122B (+6%), non-GAAP EPS $1.77 beat; 2027 guidance of 17–22% revenue growth with Cloud Infrastructure Services at $1.1–1.3B. Multi-year CIS commitments signed this year top $14B, anchored by Anthropic's $11.6B seven-year deal. Management targets 75% adjusted EBITDA margins at full ramp, 13% after-tax IRR and 15% ROIC. At 1.5x projected 2028 revenue ($7B), the author argues Akamai's distributed, CPU-heavy network ($22M per MW) sidesteps the permitting bottleneck facing big data centers.
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