According to Bloomberg, American self-driving company Waymo is negotiating a new round of financing and plans to raise more than $15 billion at a valuation of nearly $100 billion. This round of financing will be led by its parent company Alphabet.
Waymo
People familiar with the matter said,Waymo has been in discussions with outside investors and Alphabet to raise billions of dollars in equity financing. Waymo and potential investors have considered pushing the valuation to $110 billion, but the specific financing size and final valuation have yet to be determined.
In its last round of financing in October 2024, Waymo was valued at more than $45 billion, which was also led by its parent company Alphabet. This substantial increase in valuation highlights Waymo's status as a leader in autonomous driving technology. The company is continuing to invest heavily in expanding its self-driving fleet and accelerating its expansion into new cities. According to two people familiar with the matter, Waymo’s current annualized revenue has exceeded $350 million.
In the race to commercialize self-driving ride-hailing, Waymo is ahead of rivals such as Tesla. Whether it’s the number of miles driven completely autonomously, the number of paying passengers, or the range of areas it’s allowed to operate in, Waymo is ahead of any competitor in the United States.
However, Tesla CEO Elon Musk is not impressed by Waymo’s lead in autonomous driving mileage and other aspects. He previously said on X that Waymo never really had a chance to compete with Tesla.
As of press time, Waymo had declined to comment.