Waymo is close to finalizing a massive new funding round of $16 billion, according to a report from the Financial Times. This investment would value the autonomous vehicle company at approximately $110 billion.
The majority of the funding, more than three-fourths, is expected to come from Alphabet, Waymo’s parent company. Waymo was originally developed within Alphabet’s experimental division, known as X. New investors in this round include Dragoneer, Sequoia Capital, and DST Global. Existing investors Andreessen Horowitz and the Abu Dhabi sovereign fund Mubadala are also participating.
When asked for comment, a Waymo spokesperson stated that the company does not discuss private financial matters. The spokesperson emphasized Waymo’s focus on safety, operational excellence, and technological leadership, noting the company has completed over 20 million autonomous trips to date.
Waymo is currently in a period of rapid expansion, which recently included launching a public robotaxi service in Miami. This growth has not been without difficulties, however. The company faced a notable challenge when a number of its vehicles stalled at traffic lights during a widespread power outage in San Francisco.
According to the Financial Times report, Waymo now generates more than $350 million in annual recurring revenue. This new funding round follows a $5.6 billion investment in 2024, which had valued the company at $45 billion.