Waymo is close to finalising a $16 billion funding round that would value the autonomous vehicle company at about $110 billion, the Financial Times reported, citing people familiar with the matter.
More than three-quarters of the capital is expected to come from Alphabet, Waymo’s parent company, according to the report. Waymo was originally incubated within Alphabet’s X “moonshot” division before being spun out as a standalone unit.
See also: Waymo Said to Seek New Funding at Valuation of Around $100 Billion
The round is set to include new investors Dragoneer, Sequoia Capital and DST Global, the FT said. Existing backers Andreessen Horowitz and Mubadala are also expected to participate.
Waymo declined to comment on the details of the fundraising. “While we don’t comment on private financial matters, our trajectory is clear: with over 20 million trips completed, we are focused on the safety-led operational excellence and technological leadership required to meet the vast demand for autonomous mobility,” a company spokesperson said in a statement to TechCrunch.
The funding comes as Waymo continues to scale its robotaxi operations. The company recently launched services in Miami, adding to existing deployments in several U.S. cities. Rapid expansion has brought operational challenges, including incidents in which robotaxis stalled at traffic lights during a widespread blackout in San Francisco.
See also: Waymo Opens San Francisco Airport Access to Robotaxis, Targeting Key Ride-Hailing Route
According to the FT, Waymo generates more than $350 million in annual recurring revenue. The company last raised external capital in a $5.6 billion Series C round in 2024, which valued it at about $45 billion.
If completed as reported, the latest round would mark a sharp step-up in Waymo’s valuation, underscoring sustained investor interest in autonomous mobility despite high capital requirements and ongoing regulatory and technical hurdles.