Goldman Sachs research analysts project Anthropic PBC’s revenue will reach about $685 billion by 2030, supporting the company’s pursuit of an IPO valuation of about $1.4 trillion on a fully diluted basis.

According to Sina Finance, a person citing an oral briefing said Goldman’s research team expects annual revenue from enterprise customers to reach $586 billion by 2030, with about $100 billion from non-enterprise customers. That would be nearly 150 times Anthropic’s revenue of $4.59 billion last year.

Banks involved in the IPO met with potential buyers on Tuesday morning to pitch the offering. Including a $26 billion private placement, the offering targets $90.4 billion in fundraising.

Goldman’s research team expects Anthropic’s annual free cash flow to remain negative until 2030 because of high spending. People familiar with the matter said the team expects the company’s computing infrastructure spending to rise more than tenfold to nearly $400 billion by the end of the decade, while computing-related profits grow by a similar multiple.