We investigated carbon acquisition by the N 2 -fixing cyanobacterium Trichodesmium IMS101 in response to CO 2 levels of 15.1, 37.5, and 101.3 Pa (equivalent to 150, 370, and 1000 ppm). In these acclimations, growth rates as well as cellular C and N contents were measured. In vivo activities of carbonic anhydrase (CA), photosynthetic O 2 evolution, and CO 2 and HCO { 3 fluxes were measured using membrane inlet mass spectrometry and the 14 C disequilibrium technique. While no differences in growth rates were observed, elevated CO 2 levels caused higher C and N quotas and stimulated photosynthesis and N 2 fixation. Minimal extracellular CA (eCA) activity was observed, indicating a minor role in carbon acquisition. Rates of CO 2 uptake were small relative to total inorganic carbon (Ci) fixation, whereas HCO { 3 contributed more than 90% and varied only slightly over the light period and between CO 2 treatments. The low eCA activity and preference for HCO { 3 were verified by the 14 C disequilibrium technique. Regarding apparent affinities, half-saturation concentrations (K 1/2 ) for photosynthetic O 2 evolution and HCO { 3 uptake changed markedly over the day and with CO 2 concentration. Leakage (CO 2 efflux : Ci uptake) showed pronounced diurnal changes. Our findings do not support a direct CO 2 effect on the carboxylation efficiency of ribulose-1,5-bisphosphate carboxylase/oxygenase (RubisCO) but point to a shift in resource allocation among photosynthesis, carbon acquisition, and N 2 fixation under elevated CO 2 levels. The observed increase in photosynthesis and N 2 fixation could have potential biogeochemical implications, as it may stimulate productivity in N-limited oligotrophic regions and thus provide a negative feedback on rising atmospheric CO 2 levels.