Goldman Sachs analysts expect Anthropic’s revenue to reach about $685B by 2030, Bloomberg reported. Goldman is one of the banks leading Anthropic’s IPO, which began marketing on Tuesday at a value of up to $1.4T and is due to price on 18 November.

Goldman Sachs analysts expect Anthropic’s revenue to reach about $685B by 2030, nearly 150 times its sales last year, Bloomberg reported, citing a person familiar with the estimates. The Financial Times reported some of the figures earlier.

Goldman is one of the banks leading Anthropic’s IPO, which began marketing to investors on Tuesday. Anthropic is selling shares at $70 to $78 each to raise up to $64.4B, or $90.4B with a $26B private placement from Google, Nvidia and others, TheWrap reported.

That values Anthropic at up to $1.4T, counting stock options. The shares are due to price on 18 November and start trading on Nasdaq the next day under the ticker ANT.

Goldman’s analysts see $586B a year coming from business customers by 2030, and about $100B from everyone else. They expect Anthropic’s spending on computing to rise more than tenfold to nearly $400B a year. Anthropic would only start making positive free cash flow in 2030, they said.

The forecast runs well ahead of Anthropic’s own. Its internal forecasts reportedly pointed to $190B to $200B in revenue in 2028. Sales are growing fast, though, reaching nearly $17B in the third quarter alone.

Not everyone is convinced. Research firm New Constructs has called it the “” and valued Anthropic at as little as $144B. Goldman and Anthropic declined to comment to Bloomberg.