🤖 ANTHROPIC SIGNED $11.6 BILLION. THE DEBT MARKET STILL WANTS 9.25%.
Akamai signed a 7 year, $11.6B infrastructure commitment with Anthropic and expects roughly $5.5B of capex to support it. The relationship could ultimately reach $20B, with Anthropic also able to earn warrants representing up to roughly 5% of Akamai.
💰 Now look at the debt market: a CoreWeave linked Virginia data center, fully leased under a 15 year, $2.94B contract, just raised $1.1B of bonds at a 9.25% yield.
That tells you everything.
A huge customer contract does not eliminate âš¡ construction risk, tenant concentration, delivery delays, technology depreciation, refinancing risk, or time.
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The skinny
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