The Initiative, what’s their current employee count? I heard less then 100 but I assume they can staff up on temp workers when they have a concrete plan in place. But even with 100 people you can make a AAA game if you have enough time. 4 years at least I’d say (it’s been almost 2 now I think)
Rumors are The Initiative is making great strides and will announce their new game this year at some point. It's not going to be some behemoth AAA game, but something a bit smaller to get their feet wet.