Waymo has reportedly raised a $16 billion funding round

Waymo has almost completed a new $16 billion financing round that would value the robotaxi company at $110 billion, according to the Financial Times.

More than three-quarters of that funding will reportedly come from a source closer to home — Alphabet, of which Waymo is a subsidiary. (The company was incubated as part of Alphabet X’s “Moonshot Factory.”)

Waymo will attract new investors Dragoneer, Sequoia Capital and DST Global, with existing backers Andreessen Horowitz and Abu Dhabi sovereign fund Mubadala also participating in the round, the Financial Times reported.

When contacted by TechCrunch, a company spokesperson said in a statement: “Although we do not comment on private financial matters, our path is clear: With more than 20 million trips completed, we are focused on the safety-driven operational excellence and technology leadership required to meet the massive demand for autonomous mobility.”

The company is expanding rapidly, including a recent launch in Miami. This growth has come with some challenges, including a number of robotaxis that stopped at traffic lights during widespread power outages in San Francisco.

Waymo has more than $350 million in annual recurring revenue, according to the Financial Times. The company last raised a $5.6 billion Series C in 2024, valuing the company at $45 billion.