Akamai Technologies Completes $3.5 Billion Convertible Note Offering

On May 22, 2026, Akamai Technologies completed a $3.5 billion convertible senior notes offering, consisting of $1.75 billion of 0.00% Convertible Senior Notes due 2030 and $1.75 billion of 0.00% Convertible Senior Notes due 2032. The notes were sold in a private placement to qualified institutional buyers under Rule 144A. The 2030 notes are convertible at $201.41 per share (42.5% premium) and the 2032 notes at $190.81 per share (35.0% premium), both based on Akamai's May 19, 2026 closing price of $141.34. Akamai used $236.6 million of proceeds to fund convertible note hedge transactions, approximately $350 million to repurchase 2.48 million shares of common stock, and intends to use remaining proceeds for cloud infrastructure services expansion and general corporate purposes. The company also entered into hedging transactions to manage potential dilution from conversions.