Waymo, the autonomous driving subsidiary of Alphabet Inc., is seeking to raise about US$16 billion in a new financing round that would value the company at close to US$110 billion, underscoring growing investor confidence in the commercial future of self-driving technology.
People familiar with the matter say Alphabet is expected to contribute roughly US$13 billion to the round, with the remaining capital coming from a group of outside investors. These include Sequoia Capital, DST Global and Dragoneer Investment Group, while Mubadala Capital is also reported to be participating. The discussions are private, and the sources requested anonymity.
The funding round could be completed as early as February, according to the people. Waymo’s previous investment round in October 2024 valued the company at more than US$45 billion and was led by Alphabet, which also owns Google. If finalized, the new valuation would represent a dramatic step-up, reflecting both Waymo’s operational progress and intensifying competition in the autonomous mobility space.
In a statement, Waymo said it does not comment on private financial matters but emphasized its commercial momentum. The company noted that it has completed over 20 million autonomous trips, adding that its focus remains on “safety-led operational excellence and technological leadership required to meet the vast demand for autonomous mobility.”
Waymo currently operates fully autonomous ride-hailing services, without a human safety driver, in several U.S. cities. These include the San Francisco Bay Area and Los Angeles, as well as rides offered through Uber Technologies’ app in Austin and Atlanta. Passengers pay standard fares, marking a key distinction from earlier pilot programs that relied on free or subsidized rides.
The company plans to aggressively expand its commercial robotaxi services this year, targeting additional U.S. cities and pushing into international markets, including the United Kingdom. Such expansion is expected to require substantial capital, particularly for vehicle procurement, fleet operations, mapping, and regulatory engagement.
Waymo is not alone in pursuing the autonomous ride-hailing market. Tesla Inc. has announced plans for its own robotaxi service and is already running limited autonomous operations without safety monitors in Austin. Amazon-owned Zoox is testing a purpose-built robotaxi with no driver controls on the Las Vegas Strip and in other locations near San Francisco. The growing field highlights both the scale of the opportunity and the intensity of competition.
Bloomberg previously reported in December that Waymo was seeking to raise aaround US$15 billion at a valuation eexceeding US$100 billion, signaling that the latest discussions build on months of investor interest.
If completed at the reported terms, the funding round would cement Waymo’s position as one of the most highly valued autonomous driving companies globally and reinforce Alphabet’s long-term bet that self-driving technology will become a core pillar of future urban transportation.
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