Waymo, the autonomous-driving subsidiary under Google’s parent company is in financing talks with a consortium led by its parent, aiming to raise more than USD 15 billion at a valuation close to USD 100 billion.

According to sources familiar with the matter, the robotaxi leader is negotiating an equity financing deal with external investors and Google, with the goal of raising tens of billions of dollars. The sources noted that a valuation as high as USD 110 billion had been discussed though the final deal size and valuation have not yet been finalized.

Looking back to October 2024, Waymo completed a funding round led by Google, at which time its valuation had already surpassed USD 45 billion. The latest jump in valuation underscores its leading position in autonomous-driving technology, as the company continues to ramp up investment expand its fleet and roll out services in new cities. Waymo’s current annualized revenue has exceeded USD 350 million.

In the race to commercialize autonomous mobility in the US, Waymo is locked in fierce competition with players such as Tesla.

At present, the company ranks first in the US in terms of fully driverless miles, paying users and approved operating zones. It is the only major operator offering driverless services without safety drivers in multiple cities.

By comparison, Elon Musk’s Tesla still requires human monitors in testing or early commercial pilot phases; Zoox, Amazon’s autonomous-driving subsidiary, has launched a custom-built robotaxi with no manual controls, but so far only offers limited free rides to the public in Las Vegas and San Francisco.

Market View:

It is worth noting that Waymo is part of Google’s “Other Bets” segment, which aggregates a range of high-risk, innovative projects. In order to improve the group’s overall operational efficiency, this segment is under increasing pressure to move toward more independent, standalone operations.