Key facts
- Anthropic expects to spend $41.5 million on legal fees for its initial public offering, per its filing.
- A Nasdaq analysis of 1,239 listings from 2016 through 2025 found companies raising over $1 billion averaged $4.9 million in legal fees.
- SpaceX's S-1 filing showed it budgeted $25.5 million in legal fees ahead of its Nasdaq debut, the report said.
- Wilson Sonsini is leading the Anthropic offering and Freshfields is representing the underwriters.
- Anthropic promoted Elena Leichty to general counsel at the end of the summer.
Anthropic expects to spend $41.5 million on legal fees for its stock market debut, according to paperwork it filed Tuesday for its initial public offering. The filing also disclosed costs tied to underwriting and a road show, with outside counsel among its largest expenses.
That figure is well above the average for large listings. A Nasdaq analysis of 1,239 market listings from 2016 through 2025 found that companies raising more than $1 billion budgeted an average of $4.9 million for legal fees. The report said the figure may be rising as companies stay private longer and come to market as larger, more complicated businesses.
SpaceX's S-1 filing showed the aerospace company budgeted $25.5 million in legal fees ahead of its Nasdaq debut, the largest offering on record, according to the report.
Wilson Sonsini is leading the Anthropic offering, while Freshfields is representing the underwriters. Orrick advised Anthropic on executive pay and equity matters, Cleary Gottlieb advised the company's Long-Term Benefit Trust on governance issues, and Cravath, Swaine & Moore advised Anthropic's cofounders on governance matters.
Anthropic also reshuffled its own legal team ahead of the listing. The company promoted Elena Leichty to general counsel at the end of the summer, while Jeffrey Bleich transitioned to a new role as international special envoy. Brian Israel serves as chief legal officer. A spokesperson for Anthropic didn't immediately respond to a request for comment.