Akamai Technologies
A Cambridge, Massachusetts company whose network protects and speeds up big companies' websites, and which now rents computing to AI companies.
The scores
Growth2/4 ↑
Revenue grew 5% in 2025 and Q2 2026; security grows about 10% and delivery shrinks, and the contracted growth starts in 2027.
Business quality3/4 →
A wide network with no customer above 10% and security growing, but delivery shrinks on price and the new business is capital-heavy.
Financial position2/4 ↓
About $3.0B of net debt in convertibles, and the build-out needs more money than cash and the revolver hold during 2027.
Execution record3/4 →
Built security into over half of revenue and has met its guides, but delivery has shrunk for years and the large build-out is untested.
Per share capture2/4 ↓
Buybacks cut shares 11% since 2021 but paused; stock pay about equals free cash flow, and the warrant and 2033 notes sit near the price.
Potential3/4 ↑
$14.4B of signed multi-year contracts in a cloud market growing 43%, at a return that may barely clear the cost of capital.
Risk profile2/4 ↓
One customer will dominate the computing contracts and may end a plan after an outage, while the build-out leans on debt.
Valuation3/4 ↑
About 3.8 times trailing sales; the price needs about 11.6% yearly growth for ten years, near management's 2027 target.
Evidence quality3/4 →
Filed figures carry the established business and the contract's terms, but the cloud business's profit is undisclosed and its returns rest on management's ranges.
If it works 1.0× · if it fails you keep about 72%.
The Verdict
We rate Akamai neutral. The business is mixed: its security network is steady and profitable, but delivery shrinks and the new business of renting computing to AI companies needs heavy spending before it pays. The price is fair. At about 3.8 times sales, buyers need revenue to grow about 12% a year for ten years, close to what management targets for 2027. As a bet on the AI contracts it is fragile: even if they all run as planned, the company is worth about what it is today, and if they fail shareholders keep less. The view hinges on whether those contracts earn more than they cost.
The long caseIf AI companies keep running short of computing, the sites Akamai can fill with servers stay rented for years.
The evidence under this - 6 claims
- A sale at 4 times revenue cuts the needed growth to about 8.5% a year.
- The 2033 notes and the warrant can add shares, so the value per share is slightly overstated.
- Growth was 5% in Q2 2026, so low teens needs about $500M of new 2027 revenue, most of it from contracts with no revenue yet.
- In May the same target read double digits; it was raised as contracts were signed, not as revenue arrived.
Most of the $14.4B is one customer, Anthropic, so the total is less diversified than four contracts suggest.
The 10-K warns that the largest clouds have priority access to servers, memory, space and power, so the cost could rise.
- Management says the servers can run beyond seven years, so a renewal would earn far more on capital already paid for.
- The optional $9B uses some of the same sites, so the return on the first $5.5B could rise.
The company
Akamai runs servers in about 700 cities that sit between a big company's website or app and its users. Each visitor connects to a nearby Akamai server, which blocks attacks and bad bots, keeps copies of pages and video nearby, and passes on the rest.
It also rents out computing, ordinary processors and AI chips, in those places. In 2026 that grew into large contracts: Anthropic, the AI company, will rent servers Akamai is buying for it. The alternative is your own network, or Amazon, Microsoft or Google.
The evidence under this - 4 claims
The 10-K warns that the largest clouds have priority access to servers, memory, space and power, so the cost could rise.
How it makes money
Customers sign contracts, usually for several years, and pay for the security, traffic and computing they use. In Q2 2026 security brought in $604.4M, 55% of revenue; delivery and older cloud tools $395.9M; and rented computing $99.3M, the fastest growing at 39%. No customer is a tenth of revenue. The large AI contracts work differently: the customer commits to pay for capacity for seven years once Akamai delivers it.
The evidence under this - 4 claims
- A new site takes 60 to 90 days to reach full revenue, management says, so any delay in power or servers pushes the ramp right.
- The revenue is net of the warrant's cost, which management puts at a little over $150M.
Where the money comes from, stream by stream
| Stream | Share of sales (Q2 2026) | How it earns it |
|---|---|---|
| Security | 55% | Web, API and bot protection, attack absorption, zero trust access and the LayerX browser product, mostly on multi-year contracts. |
| Delivery and other cloud applications | 36% | Content and video delivery and older cloud applications, priced on traffic and falling about 6% a year. |
| Cloud infrastructure services | 9% | Rented computing and AI chips, including Linode's cloud and the large multi-year AI contracts. |
Who runs it
Tom Leighton, a co-founder, is chief executive and takes a salary of $1; he holds about 1.9% of the shares, and all directors and officers about 2.3%. Edward McGowan is finance chief and Dan Hesse chairs the board. Bonuses are paid in shares and reward revenue and adjusted profit; nothing rewards cash flow or the return on money spent, which matters now the company is spending billions on servers. Insiders sold over the year and bought nothing.
The evidence under this - 3 claims
Why it wins, and who could beat it
Why customers come back
Akamai's edge is size. It has servers in more than 130 countries, joined to about 1,200 other networks, so it can carry and check a huge site's traffic close to its users, and seeing that much traffic sharpens its view of attacks. A US data breach costs about $10.22M on average, so big buyers value a shield that works.
It is not the most common shield: an outside survey finds Akamai on 1.9% of websites whose shield it can identify. Its customers are fewer and much bigger.
The evidence under this - 4 claims
The threat
Cloudflare sells the same security and delivery from one network, grows far faster and sits in front of most identifiable websites. Fastly competes in delivery and names Akamai as a rival. In renting computing, Amazon, Google and Microsoft are far larger, and Akamai's own annual report warns they get first call on servers, memory, space and power. Anthropic still buys most of its computing from Amazon.
The evidence under this - 5 claims
The rivals: NET, FSLY, AMZN, GOOGL, MSFT, CRWV.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| NET | CloudflarePriced against it: Yes | Security, delivery and other cloud applications | On sale | Yes |
| FSLY | FastlyPriced against it: Yes | Security, delivery and other cloud applications | On sale | Yes |
| AMZN · GOOGL · MSFT | Amazon Web Services, Google Cloud and Microsoft AzurePriced against it: One segment only | Cloud infrastructure services | On sale | One segment only |
| CRWV | CoreWeave and the specialist AI cloudsPriced against it: One segment only | Cloud infrastructure services | On sale | One segment only |
How big it could get
How big this could get
Companies spent $143B renting cloud computing in Q2 2026, 43% more than a year before, and the AI part grew 165%. Nobody publishes how much of that runs in many small sites, the kind Akamai builds, so its own pond cannot be measured exactly. Against the whole market, Akamai's contracts, about $2.2B a year once running, are well under 1%.
The evidence under this - 2 claims
Most of the $14.4B is one customer, Anthropic, so the total is less diversified than four contracts suggest.
Who has signed
Four companies signed this year: about $200M over four years, $1.8B over seven, more than $600M over four, and Anthropic's $11.6B over seven, about $1.7B a year once running. Anthropic must pay once Akamai delivers, but may end each plan after a material outage.
The evidence under this - 4 claims
Most of the $14.4B is one customer, Anthropic, so the total is less diversified than four contracts suggest.
- A new site takes 60 to 90 days to reach full revenue, management says, so any delay in power or servers pushes the ramp right.
- The revenue is net of the warrant's cost, which management puts at a little over $150M.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Reportable Segment | 100% | +5.4% | +5.6% | - | 100% |
| Whole company | 100% | +5.4% | +5.6% | - | 100% |
On the filed split through 2026-06-30, if each business keeps its last half-year's growth, the company grows about 6% next year and 6% in year 3, against 5.9% over the last twelve months. A scenario, not a forecast: no business holds its rate.
The results
The numbers
Sales grew 5.9% over the twelve months to Jun 2026, about the same pace as the 5.4% in the year to Dec 2025.
Operating margin is 11%, down from 17% in the year to Dec 2023.
Running costs take 47¢ of each sales dollar, up from 41¢ in the year to Dec 2021.
Shareholders' money earned 8.9% a year, down from 15% in the year to Dec 2021.
It turned 22% of sales into free cash, $956M over the last twelve months.
Yearly sales growth has ranged from +4.5% to +8.2% over the last 5 years.
The share count fell 7.3% in 4.5 years, and pay in shares costs 12% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-26. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $3.46B | $3.62B | $3.81B | $3.99B | $4.21B | $4.32B |
| Sales growth | +8.2% | +4.5% | +5.4% | +4.7% | +5.4% | +5.9% |
| Profit | ||||||
| Gross margin | 63% | 62% | 60% | 59% | 59% | 57% |
| Operating margin | 23% | 19% | 17% | 13% | 13% | 11% |
| Net margin | 19% | 14% | 14% | 13% | 11% | 9.5% |
| What growth costs, per sales dollar | ||||||
| Research and development | 9.7% | 11% | 11% | 12% | 12% | 13% |
| Sales and marketing | 13% | 14% | 14% | 14% | 14% | 14% |
| General and admin | 16% | 16% | 16% | 16% | 16% | 16% |
| Pay in shares | 5.9% | 6.0% | 8.6% | 9.9% | 11% | 12% |
| Capital spending | 9.5% | 6.7% | 12% | 9.8% | 12% | 11% |
| Cash | ||||||
| Cash from operations | $1.40B | $1.27B | $1.35B | $1.52B | $1.52B | $1.45B |
| Free cash flow | $1.08B | $1.03B | $891M | $1.13B | $1.01B | $956M |
| Balance sheet | ||||||
| Cash and short-term investments | $1.08B | $1.11B | $864M | $1.60B | $1.19B | $3.36B |
| Returns and shares | ||||||
| Return on capital | 16% | 12% | 12% | 9.7% | 8.6% | - |
| Shares (diluted) | 166M | 160M | 155M | 154M | 147M | 154M |
What growth costs
Growth has cost margin. The official operating margin fell from 18.7% in 2022 to 10.5% over the last year, as pay in shares doubled to 11.8% of revenue and the costs of space, power and servers for rented computing arrived before its revenue.
The evidence under this - 2 claims
Adjusted operating margin has held near 25% to 30%, so part of the fall is amortisation and stock pay rather than the cash business.
The last report (6 Aug)
Quarter ended June 2026, filed figures.
In Q2 2026 revenue grew 5% to $1.10B. Security grew 10% to $604.4M, delivery and older tools fell 6%, and rented computing rose 39% to $99.3M. CrowdStrike, a security company, switched its own web security to Akamai.
The cost of growth showed. The official operating profit was 7% of revenue, against 25% before pay in shares and other adjustments, and spending on servers reached 32% of revenue. Akamai stopped buying back shares to keep cash for the computing build-out.
What it did to the thesisIt showed the security business holding up and rented computing growing fast, which supports the business case. It also showed the cost: profit fell as spending ran ahead of revenue and buybacks stopped, leaving open what our view turns on, whether the contracts earn their cost.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $1.59 against $1.57 expected; $0.52 as filed, the gap being what the company adds back.
The evidence under this - 5 claims
Security growth of 10% includes acquisitions; the guide for the year is only high single digits (C06).
What management did with the money
Akamai spent about $616M buying back shares in the first half of 2026, mostly at prices well above today's, then stopped. In May it borrowed $3.5B through bonds that can turn into shares, to pay for servers, and in July it bought LayerX, a browser security company, for about $205M.
Insiders in 2026Q3: 1 purchases and 4 sales, from their Form 4 filings.
The evidence under this - 3 claims
The price, and where we disagree
In short. Fair. The price asks for growth a little above today's, close to management's 2027 target, and pays little for the AI contracts, whose returns are unproven.
The shares jumped by about a quarter in one day in May on the first large AI contract, and have since fallen below where they stood before it, even though the signed contracts grew to $14.4B. No filing or release explains the October fall.
The next test is close: third-quarter results on 5 November will show how fast rented computing is growing, what the servers cost and how 2027 will be paid for.
The evidence under this - 5 claims
Most of the $14.4B is one customer, Anthropic, so the total is less diversified than four contracts suggest.
Q2 capital spending came in below its guide because orders slipped past the quarter's end, which pushes spending into Q3.
Management says it has the $1.0B revolver and could raise more capital, and the 2027 notes may convert rather than be repaid in full if the price passes $116.18.
How we read the multiple
Netting all its cash and investments against its debt, the company costs about $16.5B; the tile nets cash alone. What has to be true:
1. Revenue over the last year was $4.32B, so the price is about 3.8 times sales. 2. A buyer wanting 9% a year, a common yardstick, needs revenue near $13.0B in ten years, selling then at 3 times sales. 3. That is growth of about 11.6% a year for a decade, against 5% today.
Management targets low-teens growth in 2027 from the AI contracts.
Against its own history. The price per dollar of sales sits near its own normal of recent years, so buyers pay about what they always have, with little extra for the AI contracts.
The evidence under this - 5 claims
- A sale at 4 times revenue cuts the needed growth to about 8.5% a year.
- The 2033 notes and the warrant can add shares, so the value per share is slightly overstated.
- Growth was 5% in Q2 2026, so low teens needs about $500M of new 2027 revenue, most of it from contracts with no revenue yet.
- In May the same target read double digits; it was raised as contracts were signed, not as revenue arrived.
Management argues the seven-year term and CPU's power efficiency make up for the lower revenue per dollar.
The 10-K warns that the largest clouds have priority access to servers, memory, space and power, so the cost could rise.
Capital spending is for growth that has revenue contracted behind it, so free cash flow understates the cash the existing business makes.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on company value for each $1 of sales, cheapest first:
| Ticker | Company | company value for each $1 of sales |
|---|---|---|
| AKAM | Akamai Technologies | 5.1× |
| FSLY | Fastly | 6.5× |
| NET | Cloudflare | 47.8× |
The middle of the other 2 is 27.1. Akamai Technologies, Inc. is cheapest of 3.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
The gap to its two filed rivals is Akamai's own: both grow several times faster and lose money, so the low price reflects slower growth, not a cheap group.
The bet: what it pays if it works
The bet is on Akamai's new business of renting computing to AI companies. The contracts are signed, mostly with Anthropic, but they pay only once Akamai has bought and installed the servers, most of them in 2027.
Valuing the rest of Akamai at a fair price leaves a large slice of today's price for this business. Even if every contract runs as planned, it is worth less than that slice: an expensive bet. If it fails, shareholders keep the established network, worth most but not all of today's price.
| Cloud infrastructure services revenue in two to three years | Megawatts needed | At the stated multiple |
|---|---|---|
| $1.20B | about 55 at 100% kept | 0.9× |
| $2.20B (the big win) | about 100 at 100% kept | 1.0× |
| $3.50B | about 159 at 100% kept | 1.1× |
To pay 2× (a Fair bet) it would need about $13.47B of Cloud infrastructure services revenue (about 612 megawatts); to pay 5× (a Cheap bet), about $46.41B of Cloud infrastructure services revenue (about 2.1K megawatts), at the same multiple.
Each row is Cloud infrastructure services alone, plus the rest of the company (Security, delivery and other cloud applications) counted at about $12.72B.
The steps it has to take
- Done $14.4B of large cloud infrastructure contracts signed, $11.6B with Anthropic
- Done $3.5B of convertible notes raised for the build-out
- In progress About $1.7B spent on servers for the September contract due 2026-12-31
- Not started Financing for the 2027 build-out named due 2027-02-28
- Not started First revenue from the September contract due 2027-09-30
- Not started The contracts reach about $2.2B a year due 2028-12-31
The detail behind the label
The evidence under this - 6 claims
Most of the $14.4B is one customer, Anthropic, so the total is less diversified than four contracts suggest.
- A new site takes 60 to 90 days to reach full revenue, management says, so any delay in power or servers pushes the ramp right.
- The revenue is net of the warrant's cost, which management puts at a little over $150M.
The 10-K warns that the largest clouds have priority access to servers, memory, space and power, so the cost could rise.
- A sale at 4 times revenue cuts the needed growth to about 8.5% a year.
- The 2033 notes and the warrant can add shares, so the value per share is slightly overstated.
Where we disagree with the market
The AI contracts turn Akamai into a faster-growing company, worth more than a slow security and delivery business.
The contracts will add revenue, but at about a third of a dollar a year per dollar of servers they may barely earn their cost.
The market counts the contracted revenue. We count what it costs: about $5.5B of servers before the big contract pays, a cash plan that runs short in 2027 without new money, and one customer who can end a plan after a material outage.
The evidence against us is real: the contracts are take-or-pay, management says their margins are healthy, and the shares already fell below where they stood before the first one.
What analysts say, and the evidence
The evidence under this - 9 claims
Most of the $14.4B is one customer, Anthropic, so the total is less diversified than four contracts suggest.
The 10-K warns that the largest clouds have priority access to servers, memory, space and power, so the cost could rise.
Management says it has the $1.0B revolver and could raise more capital, and the 2027 notes may convert rather than be repaid in full if the price passes $116.18.
- A new site takes 60 to 90 days to reach full revenue, management says, so any delay in power or servers pushes the ramp right.
- The revenue is net of the warrant's cost, which management puts at a little over $150M.
No margin is reported for the business, so the range cannot be checked against a filing (C05).
Management argues the seven-year term and CPU's power efficiency make up for the lower revenue per dollar.
- Management says the servers can run beyond seven years, so a renewal would earn far more on capital already paid for.
- The optional $9B uses some of the same sites, so the return on the first $5.5B could rise.
What could go wrong, and how we would know
The risks
- One customer dominates. Anthropic will be most of the computing contracts, and may end a plan after a material outage or an uncured breach.
- Cash runs short. On the company's own plan, cash and the credit line do not cover 2027's server spending and bond repayment without new money.
- New shares from bonds. Bonds due 2033 turn into shares near today's price, and Anthropic's warrant covers about 7.7 million shares.
- Delivery keeps shrinking. Delivery revenue fell 6% in Q2 2026 on price pressure and customers building their own networks.
- Bigger clouds compete. Amazon, Google and Microsoft get first call on servers, memory, space and power, Akamai's own annual report warns.
- Pay in shares. Pay in shares, about $510M a year, roughly equals the cash left after all spending on servers and software, and buybacks have stopped.
The evidence under this - 9 claims
Management says it has the $1.0B revolver and could raise more capital, and the 2027 notes may convert rather than be repaid in full if the price passes $116.18.
Capital spending is for growth that has revenue contracted behind it, so free cash flow understates the cash the existing business makes.
What we still do not know
- What rented computing earns after space, power and depreciation; Akamai reports its revenue but not its profit.
- How the 2027 build-out will be paid for: new debt, new shares or money from customers.
- Why the shares fell about a fifth in October; no filing or release explains it.
The evidence under this - 3 claims
Management says it has the $1.0B revolver and could raise more capital, and the 2027 notes may convert rather than be repaid in full if the price passes $116.18.
What would change our view
- Neutral→AttractiveA price that gives the contracts away
It needs all of:
- ○The company is valued at 3 times the last year's revenue, with security still growing.about ≈$77.56 today, 17% below the last close
- ○Security revenue grows 8% or more in the third quarter of 2026 from a year earlier.checked at the next results, due by 5 Nov
- Neutral→AttractiveProof the contracts earn their capital
It needs all of:
- ○Akamai reports a profit margin of 25% or more for rented computing, after depreciation.checked at the next results, due by 5 Nov
- ○The 2027 server build-out is paid for without selling new shares.watched as it happens
We would also be wrong if
- Security revenue grows less than 5% from a year earlier for two quarters running.
- Revenue from the Anthropic contract has not started by the end of 2027.
- Anthropic ends a plan, or Akamai discloses a material outage.
What is coming
- 5 November 2026 Q3 2026 results: Cloud infrastructure growth against at least 50% for the year, Q3 capital spending against $475M to $525M, and how the build-out will be financed.
Every dated event ahead
- 5 November 2026 Q3 2026 results: Cloud infrastructure growth against at least 50% for the year, Q3 capital spending against $475M to $525M, and how the build-out will be financed.
- February 2027 Q4 2026 results and the first 2027 forecast: Whether 2027 growth is guided to the low teens and what 2027 capital spending and financing look like.
- September 2027 First revenue from the September contract: Whether the first sites start on time, which vests the warrant's first tranche and starts the ramp.
Since we wrote this
- 26 OctThesis writtenNeutral, medium convictionWritten ten days before Q3 2026 results, after the shares fell 43% from May while $14.4B of AI computing contracts were signed.
Sources 22
Sources - 22
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-20business description, network size, customers and concentration, competition, risk factors, patents, employeesbacksC01C02C03C19C31C38
- S02primarycompany release2026-02-192025 revenue by solution, cloud infrastructure services revenue, cash flow, capital spending, stock pay
Cloud Infrastructure Services revenue for 2025 was $314 million, up 36% year-over-year and when adjusted for foreign exchange.
backsC03C14 - S03primarycompany release2026-08-06Q2 revenue by the three new categories, GAAP and adjusted margins and earnings, cash from operations, cash, the robotics contract
Cloud Infrastructure Services revenue of $99 million, up 39% year-over-year and when adjusted for foreign exchange
backsC04C05C12C14C15C16C39C45 - S04primarycompany filing2026-08-07share count, convertible notes and conversion prices, the 2033 notes' conversion trigger, buybacks, cash flow, capital spending, remaining performance obligations, LayerXbacksC04C05C14C15C16C17C18C19C20C22C37C38C43C47
- S05primarytranscript2026-08-06Akamai Q2 2026 earnings call transcript (FMP)2026 and Q3 guidance, capital spending guide, the 2027 growth target, large-deal margins, buyback pause, GPU capacity, the CrowdStrike win; questions from analysts
Looking ahead to the full year 2026, we expect revenue of $4.445 billion to $4.530 billion, which is up 6% to 8% as reported, and up 5% to 7% in constant currency. ... these large scale contracts typically generate non GAAP operating margins ranging from the low- to mid-20s up to the low-30s.
backsC06C07C15C19C37C41C43C45C46 - S06primarycompany filing2026-09-24the $11.6B commitment, seven-year terms, conditions, termination rights, the warrant and its vesting, the Series B preferredbacksC08C09C13C48
- S07primarytranscript2026-09-24Akamai investor update call on the Anthropic agreement, 2026-09-24 (stockanalysis.com transcript) Akamai Technologiesrevenue timing, capital spending by year, depreciation life, colocation cost per megawatt, the warrant's value, the $14.4B of large contracts and their power, financing, the optional $9B
Second, we expect revenue to begin in the second half of 2027, and we expect to generate approximately $150 million- $300 million for the full year 2027. Finally, we expect revenue to continue to ramp throughout 2028 and to be fully ramped by year-end 2028, with a go-forward annualized revenue run rate of approximately $1.7 billion per year thereafter. ... From a CapEx perspective, we expect to spend approximately $5.5 billion over the next two years
backsC10C11C12C13C42C43C48 - S08primarycompany filing2026-05-22the size of the two note issues, the shares repurchased with the proceeds, the use of the rest for cloud infrastructure capital spendingbacksC17
- S09primarycompany release2026-09-24the headline terms of the September agreement
Akamai Announces $11.6 Billion Multi-year Agreement with Anthropic to Support Growing Demand
backsC08C44 - S10primarytranscript2026-05-07Akamai Q1 2026 earnings call transcript (FMP)the $1.8B contract, the $200M contract, the first view of 2027 growth
the signing of a landmark seven-year $1.8 billion commitment for our cloud infrastructure services by a leading frontier model company.
backsC07C12C44 - S11primarycompany filing2026-03-31beneficial ownership, the chief executive's pay, bonus and performance share measures, board leadershipbacksC35C36
- S12secondaryvendor data2026-10-26Research pack, frozen 2026-10-26 (FMP market data, FINRA short interest, Form 4 roster, filed cohort)daily closes, the price decomposition, analyst estimates and ratings, price-target drift, cohort multiples, short interest, insider rosterbacksC21C22C23C24C25C34C44
- S13primaryindustry data2026-10-26W3Techs, Usage statistics and market share of Akamai as reverse proxy service W3Techs (Q-Success)Akamai's share of websites, measured outside the company
Akamai is used by 1.9% of all the websites whose reverse proxy service we know. This is 0.6% of all websites .
backsC26 - S14primaryindustry data2025-07-30what a breach costs the buyer
The global average cost of a data breach fell to $4.44 million, the first decline in five years, while the average U.S. cost of a breach reached a record $10.22 million.
backsC27 - S15primaryindustry data2026-07-30Synergy Research Group, 'Q2 Cloud Market Passes $143 Billion; Highest Growth Rate in Eight Years' Synergy Research Groupthe size and growth of cloud infrastructure spending, and of the AI part of it
Q2 enterprise spending on cloud infrastructure services jumped by more than $43 billion from the second quarter of last year to reach $143 billion. ... GenAI-specific cloud services are growing at 165% year over year
backsC28 - S16primarycompany release2026-04-06the customer's own growth and where most of its computing sits
Our run-rate revenue has now surpassed $30 billion-up from approximately $9 billion at the end of 2025. ... Amazon remains our primary cloud provider and training partner
backsC29 - S17primarygovernment data2024-12-20U.S. Department of Energy, 'DOE Releases New Report Evaluating Increase in Electricity Demand from Data Centers' (Lawrence Berkeley National Laboratory) U.S. Department of Energyhow fast data-centre power demand is rising, the input Akamai has to rent
The report finds that data centers consumed about 4.4% of total U.S. electricity in 2023 and are expected to consume approximately 6.7 to 12% of total U.S. electricity by 2028. The report indicates that total data center electricity usage climbed from 58 TWh in 2014 to 176 TWh in 2023 and estimates an increase between 325 to 580 TWh by 2028.
backsC30 - S18primarycompany filing2026-02-26a rival's description of the same products sold to the same buyersbacksC32
- S19primarycompany filing2026-02-25a rival naming Akamai for delivery and securitybacksC32
- S20primarycompany filing2026-03-02the AI cloud rivals and how a specialist cloud sells capacity to AI labsbacksC33
- S21primarytranscript2026-02-19Akamai Q4 2025 earnings call transcript (FMP)the first large cloud infrastructure contract and the 2026 plan
We're very excited that this technology company has committed to a minimum 4-year spend of approximately $200 million on our Cloud Infrastructure Services with a large majority of that spend for our AI Inference Cloud.
backsC12 - S22primaryindustry data2026-10-10W3Techs, Usage statistics of Cloudflare as reverse proxy service W3Techs (Q-Success)the leading rival's share of websites on the same survey
Cloudflare is used by 85.5% of all the websites whose reverse proxy service we know. This is 26.8% of all websites .
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