Anthropic budgeted $41.5 million in legal fees for its IPO, a record-setting bill

IPO legal costs stand out

Anthropic’s filing puts its expected legal bill at $41.5 million for its stock market debut. Outside counsel is among the company’s largest expenses, alongside costs related to underwriting and its road show.

A Nasdaq review of 1,239 listings between 2016 and 2025 found that firms raising over $1 billion budgeted an average of $4.9 million for legal fees. Costs may be increasing as businesses remain private longer and approach the market at greater size and complexity.

SpaceX offers a comparison

SpaceX’s S-1 filing listed $25.5 million in planned legal fees before its Nasdaq debut. The aerospace company’s offering is described as the largest on record, making its budget a measure of the rising scale of major IPOs. Anthropic’s projected legal spending is higher than the figure disclosed by SpaceX.

Firms take roles in offering

Wilson Sonsini is leading Anthropic’s offering, and Freshfields represents the underwriters. Orrick advised Anthropic on executive compensation and equity matters. Cleary Gottlieb advised Anthropic’s Long-Term Benefit Trust on governance. Cravath, Swaine & Moore advised the company’s cofounders on governance matters. Anthropic’s spokesperson did not immediately respond to a comment request.

Legal leadership changes

Anthropic is also making changes within its legal organization ahead of the public-market debut. Elena Leichty became general counsel at the end of the summer. Jeffrey Bleich moved into a new position as international special envoy. Brian Israel is the company’s chief legal officer.