Waymo nears $16bn funding round at $110bn valuation

Waymo is close to finalising a massive new funding round that could significantly boost its valuation as it continues to scale its autonomous ride-hailing business.

According to a report by the Financial Times, the Alphabet-owned robotaxi company is in advanced talks to raise approximately $16 billion, a deal that would value Waymo at around $110 billion.

The majority of the funding — more than 75 percent — is expected to come from Alphabet, Waymo’s parent company. Waymo was originally incubated within Alphabet’s “moonshot factory,” X, before being spun out as a standalone subsidiary focused on autonomous vehicle technology.

In addition to Alphabet’s investment, the funding round is reported to include several high-profile new investors, including Dragoneer, Sequoia Capital, and DST Global. 

Existing backers Andreessen Horowitz and Abu Dhabi’s sovereign wealth fund Mubadala are also expected to participate, signaling continued confidence from long-term supporters of the company.

Waymo declined to comment directly on the reported financing details. However, a company spokesperson emphasised the firm’s momentum, noting that Waymo has completed more than 20 million autonomous trips to date and remains focused on safety-driven operations and technological leadership to meet growing demand for autonomous transportation.

The funding discussions come as Waymo continues to expand its commercial footprint across the United States. 

The company recently launched its robotaxi service in Miami, adding to existing operations in several major cities. 

However, its rapid expansion has not been without challenges. Earlier this year, a widespread power outage in San Francisco caused several Waymo vehicles to stall at traffic lights, raising questions about system resilience in unusual conditions.

Despite such setbacks, Waymo’s business appears to be gaining traction. The Financial Times reports that the company now generates more than $350 million in annual recurring revenue. 

Waymo last raised capital in 2024, securing $5.6 billion in a Series C round that valued the company at $45 billion.

If completed, the new funding round would mark a major milestone for Waymo and underscore growing investor confidence in the future of autonomous mobility.