Slides
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Customer Announcement Overview September 24, 2026 Expanded Strategic Relationship with Anthropic
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© 2026 Akamai Safe Harbor This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Akamai. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. Such forward-looking statements include, but are not limited to, statements about Akamai’s capabilities, the expected benefits of the transaction to Akamai, the potential impact of the issuance of the warrant, the potential expansion of the relationship between Akamai and Anthropic, and the impact of the transaction on Akamai’s financial condition and financial guidance. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of Akamai’s management as of the date hereof based on information currently available to Akamai’s management. Use of words such as “believes,” “could,” “expects,” “anticipates,” “intends,” “plans,” “seeks,” “projects,” “estimates,” “should,” “would,” “forecasts,” “if,” “continues,” “goal,” “likely,” “may,” “will,” variations of such words or similar expressions are intended to identify a forward-looking statement. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions. Actual results may differ materially from the forward-looking statements Akamai makes as a result of various factors, including, but not limited to: Akamai being unable to achieve the anticipated benefits of the transaction; Akamai’s capabilities failing to meet expectations, including due to defects, security breaches, delays in performance or other similar problems; effects of competition, including pricing pressure, data center capacity and changing business models; impact of macroeconomic trends, including economic uncertainty, turmoil in the financial services industry, the effects of inflation, rising and fluctuating interest rates, foreign currency exchange rate fluctuations, securities market volatility and monetary supply fluctuations; potential cash flow constraints and the ability to raise capital; continuing supply chain and logistics costs, constraints, changes or disruptions; defects or disruptions in Akamai’s products or IT systems, including cyber-attacks, data breaches or malware; changes to economic, political and regulatory conditions in the United States or internationally; and other factors that are discussed in the company’s most recent Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and other documents filed with the Securities and Exchange Commission. Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Akamai disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. 2
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Financial Overview 3 Expanded Strategic Relationship with Anthropic
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© 2026 Akamai Q4’26 ~$1.7B None To secure critical supply chain components including memory Depreciation will begin when the equipment is placed in service to be substantially in line with revenue FY’27 ~$3.1B ~$150M – $300M Initial build out phase; service initiation in late Q2’27 with revenue ramping throughout the back half of 2027 FY’28 ~$0.7B Ramps throughout the year Anticipate full contracted revenue run-rate to be achieved by end of 2028 Thereafter None ~$1.7 billion /year Revenue to be recognized ratably throughout remainder of term Total ~$5.5B ~$11.6 Billion Multi-year contract economics yielding strong cash conversion and operating margins 4 Deal Timing & Cash Generation Phasing Multi-year capital expenditure schedule, revenue recognition inflection, and datacenter colocation ramp CONTRACTED TOTAL REVENUE ~$11.6 Billion FULL RUN-RATE TIMING End of 2028 Steady-state straight-line realization thereafter CUMULATIVE CAPEX ~$5.5B Operational & Accounting NotesRevenue DeliveryCapEx OutlayTiming Numbers reflect estimates as of September 24, 2026 and subject to change.
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© 2026 Akamai ~$20B~$11.6B WARRANT 2% of shares outstanding ~$9B MILESTONE-BASED WARRANT 3% of shares outstanding 1% per $3B revenue tranche TOTAL AWARD POTENTIALCOMMITTED TODAY EXPANSION UPSIDE UP TO Potential Contract Value RELATIONSHIP SCOPE 7-Year Commitment 5 Numbers reflect estimates as of September 24, 2026 and subject to change. Contract Award and Expansion Structure
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© 2026 Akamai REVENUE: ~$22M / MW Annually Delivery of previous large contracts plus the new Anthropic deal requires approximately 95-105 Megawatts 6 Prior Large CIS Contract Commitments & Capital Allocation Cloud Infrastructure Services (CIS) Portfolio PORTFOLIO POWER DEMAND & EFFICIENCY Approximately ~$14.4B Total Contract Value (TCV) ~$2.8B of Prior TCV Commitments $11.6B New Anthropic Commitment
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© 2026 Akamai SHARES VESTING EXERCISE PRICE ACCOUNTING CONSIDERATIONS 7 Key Warrant Terms Key terms of the warrant agreement entered into as part of the expanded strategic relationship with Anthropic - Up to 7.7M common equivalent of Series B Non-Voting Convertible Preferred Stock of Akamai - Equal to up to ~5% of Total Shares Outstanding - 3.1M shares expected to vest with this commercial arrangement - Equal to ~2% of Total Shares Outstanding - Remaining shares vest in 1% increments based on each additional $3B in revenue commitment - $111.33 per common share equivalent - Revenue impact – fair value of 3.1M shares reduces total revenue, and is reflected in $11.6B commitment - Share impact – 3.1M shares will be dilutive, using the treasury stock method - Treasury stock method assumes any warrant that is expected to vest is exercised, and that the proceeds from exercise are used to buy back shares at current stock prices to offset dilution - More dilution will occur if our stock price increases and if we sign additional revenue commitments with Anthropic
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