Anthropic expects to spend $41.5 million on legal fees as it prepares for an initial public offering, according to an IPO filing submitted Tuesday. The filing also outlines underwriting and roadshow costs. The legal budget highlights the scale of professional services required for a large, complex technology listing—and the significant work involved for the law firms advising on it.
Legal budget is about eight times the average for large IPOs
Nasdaq's analysis of 1,239 listings from 2016 through 2025 found that companies raising more than $1 billion budgeted an average of $4.9 million for legal fees. Anthropic's estimate is roughly eight times that figure. Companies are spending longer in private markets and entering public markets at greater scale and complexity, factors that can increase the legal work required for an IPO.
SpaceX offers a recent comparison. The aerospace company budgeted $25.5 million in legal fees for its planned Nasdaq listing, at the time the highest amount on record. Anthropic's estimate is higher, underscoring the substantial legal costs associated with major technology offerings.
Wilson Sonsini leads the offering team
Wilson Sonsini is leading Anthropic's offering, while Freshfields represents the underwriters. Orrick is advising on executive compensation and equity matters. Cleary Gottlieb is assisting Anthropic's long-term benefit trust with governance issues, and Cravath, Swaine & Moore is advising the company's co-founders on governance.
The work extends beyond preparing the offering documents and managing the listing process. It also covers executive incentives, equity arrangements and governance structures—areas that shape disclosures to investors and the company's oversight after it goes public.
Anthropic reshapes its in-house legal team
Anthropic has also made changes to its internal legal leadership ahead of the IPO. In late summer, the company promoted Elena Leichty to general counsel. Jeffrey Bleich moved into the role of international envoy, while Brian Israel became chief legal officer. An Anthropic spokesperson did not immediately respond to a request for comment.
The $41.5 million figure is a projected legal expense in the IPO filing, which also lists underwriting and roadshow costs; it is not a final bill. The budget forms part of the offering's overall cost and reflects the breadth of work assigned to outside counsel and Anthropic's in-house legal team.