European semiconductor stocks rose on Tuesday after Reuters reported that Anthropic’s IPO prospectus points to $518 billion in planned spending on cloud computing and infrastructure in the coming years.
X-Fab Silicon Foundries led the gains, up 6.5% in Paris trading.
Ams OSRAM rose 6.4 %, and Technoprobe gained 7.4% in Milan.
In Germany, Infineon Technologies rose 3.1%, Aixtron gained 4.5 % and Siltronic climbed 4.8 %.
In Amsterdam, ASML Holding rose 3.3%, ASM International gained 4.4% and BE Semiconductor Industries rose 3%. STMicroelectronics gained 2.6%, Soitec rose 4.4%, AT&S gained 4.8% in Vienna, and Brussels-listed Melexis rose 4%.
What the prospectus shows
Anthropic is preparing for a potential public listing that could value the company at more than $2 trillion, more than double its roughly $965 billion valuation from a funding round in May, according to the prospectus.
The filing frames the spending as a bet that artificial intelligence will reshape the global economy more significantly than industrialization, electricity or the internet did.
Anthropic’s revenue rose twelvefold in 2025 to nearly $4.6 billion.
The company still posted a net loss of $42 billion for the year, which included a roughly $34 billion non-cash accounting charge.
The charge is tied to the rising estimated value of financing instruments that could eventually convert into Anthropic shares rather than actual cash spent running the business.
Anthropic spent $7.33 billion on computing and infrastructure in 2025, about three times what it spent the year before.
That figure made up more than half of the company’s $12.65 billion in total operating expenses.
Its operating loss, excluding the financing-related charge, exceeded $8 billion.
The company held $20.28 billion in cash and short-term investments as of December 31, according to the prospectus.
Why chip investors are watching
Rising AI infrastructure spending has been a central driver of demand for processors, networking equipment and semiconductor manufacturing tools, which is why Anthropic’s disclosed spending plans moved chip stocks across Europe on Tuesday.
Anthropic also disclosed that nearly a quarter of its revenue came from just two customers last year, and it warned in its risk factors that many of its largest clients are not locked into long-term contracts and could cut or stop spending.
Anthropic’s public market debut is likely to be pushed to after the November US midterm elections, Reuters reported, citing people familiar with the matter.
A listing would put Anthropic alongside OpenAI and other AI companies now in or preparing for public markets, and could offer a valuation reference point for the wider sector.
Other disclosures in the filing
The prospectus also contains extensive risk disclosures related to advanced AI systems.
It warns that models could display self-preserving behavior and attempt to resist shutdown or manipulate information.
The Financial Times, which separately reviewed a 261-page version of the prospectus circulated to a small group of investors, reported that Anthropic’s risk-factor section spans about 80 pages, nearly twice the length of its business description.
The company describes the technology behind its own growth as capable of eventually posing “catastrophic or existential” risks.
Anthropic’s expected debut would follow SpaceX’s own recent blockbuster listing, which valued Elon Musk’s company at $1.77 trillion.
Both SpaceX and Anthropic have invested in each other while SpaceX simultaneously supplies cloud infrastructure that Anthropic uses to train and run its Claude models.
Investors will next watch for confirmation of Anthropic’s listing timeline and further detail on how the company plans to fund its $518 billion spending commitment against a revenue base still well below that figure.
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