Tesla Motors Inc (NASDAQ:TSLA) will probably need at least $6 billion in additional capital, estimates analysts at Goldman Sachs. The EV manufacturer is not only preparing to build its massive gigafactory, but they also point to the other projects—both announced and “not currently communicated.”

Tesla Motors Will Need More Capital: Goldman

Digging into Tesla’s capital needs

Analyst Patrick Archambault notes that first, Tesla is going to be spending on the gigafactory. This spending will accelerate into 2016, and then the automaker is going to start spending on Model 3 development and production. After that, he said there will be “incremental follow through capital deployment” in connection with both the gigafactory and the Model 3.

Tesla management has said that the company will be able to self-fund these projects but that they would also consider additional external funding. It will depend on the pace of growth and any additional projects take on.

According to Archambault, the least amount of additional capital he thinks Tesla Motors will need is $6 billion. He remains Neutral-rated on the company with a $210 per share price target.

Tesla management not estimating capital needs

Tesla aims to be producing 100,000 cars by late next year and eventually half a million or more cars every year. The goal of the gigafactory is to reduce the cost of the company’s batteries while also speeding up production. The automaker has already said the factory could cost up to $5 billion. It has already raised approximately $2.3 billion toward it.

A spokesperson for the EV manufacturer reportedly told Bloomberg Businessweek in an email that they have not provided a capital spending forecast.

Analysts dial down enthusiasm

Archambault has had a Neutral rating on Tesla Motors for some time, but his note is part of a larger trend of analysts becoming a little more cautious on the automaker. Recently CEO Elon Musk said that he felt like their share price was getting a little too high.

Since that remark, analysts have been dialing back the enthusiasm. Even Adam Jonas of Morgan Stanley, who has an Overweight rating on Tesla Motors, dialed it back a bit.