AKAMAI TECHNOLOGIES INC — Form 8-K

Akamai issued a warrant to Anthropic (Initial Warrantholder) on September 18, 2026, for 387,051 shares of Series B Non-Voting Convertible Preferred Stock (convertible at 20:1 ratio to common stock, representing ~7.7M common shares or ~5% dilution). Exercise price: $2,226.60/share ($111.33 per underlying common share). Warrant vests in tranches: 40% upon first Project Plan 3 payment, then 20% per additional $3B in services (up to $9B total expansion). Underlying multi-year services deal: $11.6B committed (7 years), with potential $9B expansion (total $20.6B possible). Akamai expects $5.5B capex for this commitment and ~$1.7B incremental 2026 capex for supply chain pre-purchases.