Sounds like a serious leak. However. don’t give up just yet!

Reiterating what Bill and I said earlier. Find the inner tie rods and follow them to where they enter the rack itself. Use solvent or other cleaner and thoroughly clean the area so you can see any leaking fluid. If not, take it for a short drive and look again. Pay special attention to the spot where the inner tie rod leaves the rack. If you see fluid there chances are good it is bad internal rack seals. If these aren’t leaking too much you can try flushing the power steering system and refilling with the correct synthetic PS fluid (maybe Mobil 1 synthetic PS fluid will be compatible??). This can work if the seals aren’t leaking too badly. If it is pouring out or leaking from somewhere else on the rack it is probably due for replacement,

Worth a shot. BTW - when I switched to Mobil 1 synthetic PA fluid in my 95 850 it took about a month for the leak to dry up. The synthetic fluid will clean and rejuvenate the seals so they work again but it doesn’t happen overnight…:)

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Will I buy another Volvo??? We'll see....