European semiconductor stocks climbed on Tuesday after a Reuters report revealed that Anthropic's IPO prospectus outlines a massive $518 billion spending plan on cloud computing and infrastructure over the coming years. The disclosure reignited investor optimism about sustained demand for AI-related hardware and manufacturing equipment.
X-Fab Silicon Foundries led the advance, jumping 6.5% in Paris trading. Other notable gainers included Ams OSRAM, up 6.4%, and Technoprobe, which rose 7.4% in Milan. In Germany, Infineon Technologies added 3.1%, Aixtron gained 4.5%, and Siltronic climbed 4.8%. Amsterdam-listed ASML Holding rose 3.3%, while ASM International and BE Semiconductor Industries advanced 4.4% and 3%, respectively. STMicroelectronics gained 2.6%, Soitec rose 4.4%, AT&S added 4.8% in Vienna, and Melexis climbed 4% in Brussels.
Anthropic's IPO and Spending Plans
Anthropic is preparing for a public listing that could value the company at more than $2 trillion, more than double its roughly $965 billion valuation from a May funding round, 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.
The company's revenue surged twelvefold in 2025 to nearly $4.6 billion. However, Anthropic still posted a net loss of $42 billion for the year, which included a roughly $34 billion non-cash accounting charge tied to the rising estimated value of financing instruments that could eventually convert into shares, rather than actual cash spent on operations.
Anthropic spent $7.33 billion on computing and infrastructure in 2025, about three times the previous year's figure, representing more than half of its $12.65 billion in total operating expenses. Excluding the financing-related charge, its operating loss exceeded $8 billion. The company held $20.28 billion in cash and short-term investments as of December 31.
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 explains why Anthropic's disclosed spending plans moved chip stocks across Europe on Tuesday. The company also disclosed that nearly a quarter of its revenue came from just two customers last year, and it warned 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 place Anthropic alongside OpenAI and other AI companies now in or preparing for public markets, potentially offering a valuation reference point for the wider sector.
Risk 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 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 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.
This article is for informational purposes only and does not constitute financial advice.
