Freshfields wins major role on Anthropic's blockbuster IPO

Freshfields has secured a major role on Anthropic's highly anticipated IPO, joining four leading US law firms advising on what could become one of the largest stock market listings in history.

The Magic Circle firm is advising the underwriters, while Silicon Valley firm Wilson Sonsini is acting for Anthropic itself, according to the company's IPO registration filing.

Cravath, Cleary Gottlieb and Orrick are also involved in the float. Anthropic published its 335-page prospectus on Monday, with the IPO expected to take place next month. The filing did not disclose a target valuation, although reports suggest the company is seeking to be valued at at least $1.5 trillion.

Freshfields' AI ties

The mandate adds another dimension to Freshfields' existing relationship with Anthropic. In April, the firm announced a multi-year partnership with the AI developer to jointly build legal AI tools, including systems capable of carrying out sophisticated legal work.

The agreement also gives Freshfields early access to new Anthropic models and involves the two organisations' legal teams collaborating on AI-powered legal services for Anthropic.

The IPO mandate puts Freshfields on the other side of the transaction from its technology partner, advising the underwriting syndicate rather than Anthropic itself.

The listing comes as major AI companies generate high-profile mandates for US law firms. Anthropic rival OpenAI has reportedly turned to Cooley and Wachtell to prepare for a potential IPO, with Latham advising the underwriters.

Advising

Wilson Sonsini is advising Anthropic, led by firm chair and corporate partner Rezwan Pavri and corporate department head Allison Spinner, both based in Silicon Valley.

Freshfields is acting for the underwriters, led by global capital markets co-head Sarah Solum and capital markets partners Calise Cheng and Phillip Stoup, all based in San Francisco.

Orrick is advising on executive compensation and equity matters. The firm also advised its longstanding client Anthropic on its recent $65 billion Series H fundraise and all prior rounds since the company’s founding in 2021.

Cleary Gottlieb is acting for the long-term benefit trust, while Cravath is acting for the co-founders on certain governance matters.