加拿大皇家银行美股招股说明书(2025-12-09版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) The information in this preliminary pricing supplement is not complete and may be changed. $Auto-Callable Contingent Coupon NotesLinked to the Least Performing of Three Underliers,Due December 24, 2030 Preliminary Pricing SupplementSubject to Completion: Dated December 8,2025 Royal Bank of Canada Pricing Supplement dated December __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada is offering Auto-Callable Contingent Coupon Notes (the “Notes”) linked to the performance of theleast performing of the common stock of Advanced Micro Devices, Inc., the common stock of Broadcom Inc. and the ClassC common stock of Dell Technologies Inc. (each, an “Underlier”).Contingent Coupons— If the Notes have not been automatically called, investors will receive a Contingent Coupon on a monthly Coupon Payment Date at a rate of 8.30% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (75% of its Initial Underlier Value) on the immediately precedingCoupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.Call Feature— If, on any quarterly Call Observation Date beginning approximately one year following the TradeDate, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon otherwise due. No furtherpayments will be made on the Notes.Return of Principal at Maturity— If the Notes are not automatically called, at maturity, investors will receive theprincipal amount of their Notesplusany Contingent Coupon otherwise due.Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.CUSIP:78017PXH9 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-8 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement andproduct supplement.None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatory body has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this pricing supplement. Anyrepresentation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmentalagency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common sharesunder subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.Per NoteTotal Price to public(1)Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) We or one of our affiliates may pay varying selling concessions of up to $31.25 per $1,000 principal amount of Notes inconnection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notesfor sale to certain fee-based advisory accounts may forgo some or all of their underwriting discount or selling concessions.The public offering price for investors purchasing the Notes in these accounts may be between $968.75 and $1,000.00 per$1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated withus a referral fee of up to $5.00 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” below.The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated value, is expected to be between $885.00 and $935.00 per $1,000 principal amount of Notes and will be less than thepublic offering price of the Notes. The final pricing supplement relating to the Notes will set forth the initial estimated value.The market value of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be lessthan this amount. We describe the determination of the initial estimated value in more detail below. KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement. Issuer:Underwriter:Minimum Investment:Underliers: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof Thecommon stock of Advanced Micro Devices,Inc.(the“AMD Underlier”),thecommon stock of Broadcom Inc. (the “AVGO Underlier”) and the Class C commonstock of Dell Technologies Inc. (the “DELL Underlier”) (1)With respect to each Underlier, the closing value of that Underlier on the Trade Date (2)With