加拿大皇家银行美股招股说明书(2025-12-11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 Barrier Notes withMemory CouponLinked to the Least Performing of Three Underliers,Due December 27, 2030 Preliminary Pricing SupplementSubject to Completion: Dated December 10,2025 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 Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon (the “Notes”)linked to the performance of the least performing of the common stock of Amazon.com, Inc., the common stock of TheProcter & Gamble Company and the common stock of Walmart Inc. (each, an “Underlier”).Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors will receive a Contingent Coupon on a monthly Coupon Payment Date at a rate of at least 8.75% per annum (to bedetermined on the Trade Date) if the closing value of each Underlier is greater than or equal to its CouponThreshold(50%of its Initial Underlier Value)on the immediately preceding Coupon Observation Date. AContingent Coupon that is not payable on a Coupon Payment Date may be paid later, but only if the closing valueof each Underlier is greater than or equal to its Coupon Threshold on a later Coupon Observation Date. You maynot receive any Contingent Coupons during the term of the Notes.Call Feature— If, on any quarterly Call Observation Date beginning approximately six months following the Trade Date, 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 and any unpaid ContingentCoupons otherwise due. No further payments will be made on the Notes.Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue of the Least Performing Underlier is greater than or equal to its Barrier Value (50% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplusthe Contingent Coupon and anyunpaid Contingent Coupons otherwise due. If the Notes are not automatically called and the Final Underlier Valueof the Least Performing Underlier is less than its Barrier Value, at maturity, investors will lose 1% of the principalamount of their Notes for each 1% that the Final Underlier Value of the Least Performing Underlier is less than itsInitial Underlier Value.Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.CUSIP:78017PXT3 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 Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) RBC Capital Markets, LLC, acting as our agent, will not receive a commission in connection with its sales of the Notes.See “Supplemental Plan of Distribution (Conflicts of Interest)” 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 $900.00 and $950.00 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. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereof Issuer:Underwriter:Minimum Investment:Un