Alphabet’s autonomous driving unit Waymo is in talks with potential investors to raise fresh funding at a valuation of at least $100 billion, as competition intensifies in the emerging robotaxi market, the Information reported on Tuesday.
The financing round could exceed $10 billion and is expected to be arranged early next year, the report said, citing people familiar with the company’s plans. Bloomberg News separately reported that Waymo is seeking to raise more than $15 billion at a valuation close to $100 billion, in a funding round led by its parent company, Alphabet.
See also: Waymo Data Shows Most Robotaxi Trips Carry Two Passengers or Fewer
Waymo was spun out of Google’s self-driving car project in 2016 and currently operates the only paid robotaxi service in the United States that runs without safety drivers or in-vehicle attendants. The company has a fleet of more than 2,500 vehicles, according to published reports.
The fundraising effort highlights the growing race to commercialize fully autonomous vehicles, with companies investing heavily in technology development, safety systems and regulatory engagement to establish early leadership in the sector.
See also: Waymo Robotaxis Shift to More Assertive Driving Style, Confirmed by Alphabet Unit
Tesla is also stepping up its efforts in autonomous driving. Chief executive Elon Musk said on Sunday that the electric vehicle maker is testing robotaxis without safety monitors in the front passenger seat.
Investor expectations around self-driving technology and robotics account for a significant share of Tesla’s market valuation, which stands at about $1.53 trillion, the highest among global automakers.
