Waymo, Alphabet’s autonomous‑driving unit, announced on December 19, 2025 that it is in discussions to raise more than $15 billion in a new financing round that could value the business at roughly $100 billion. The round follows a $5.6 billion investment in October 2024 that valued Waymo at $45 billion, marking a more than 100 % increase in valuation over 14 months.
The deal is led by Alphabet, which is expected to anchor the round, but other institutional investors have not yet been named. The parties anticipate closing the transaction in early 2026, with the capital earmarked for fleet expansion, research and development, and entry into new U.S. cities and international markets such as Tokyo and London.
Waymo’s current annualized revenue run rate exceeds $350 million, yet the company remains loss‑making as it continues to invest heavily in autonomous technology and market penetration. The additional capital will strengthen the balance sheet, reduce debt, and accelerate the rollout of its driverless robotaxi service, which already operates without safety drivers in several major cities.
The valuation jump reflects investor confidence in Waymo’s technology leadership, its robust driverless miles logged, and its competitive advantage over rivals like Tesla and Zoox. Alphabet’s continued commitment signals that Waymo is a key long‑term growth engine within the company’s “Other Bets” portfolio, and the funding round positions Waymo closer to profitability by 2027, as noted by CEO Sundar Pichai.
Analysts have upgraded their outlook on Alphabet’s long‑term prospects, citing the strong AI leadership and the expanding robotaxi business. The funding round is viewed as a strategic move that will enhance Alphabet’s competitive positioning in the autonomous vehicle market and support its broader AI investment thesis.
The market reaction has been positive, with analysts highlighting the significant valuation increase and the potential for Waymo to capture a larger share of the autonomous mobility market. The funding round is expected to reinforce investor confidence in Alphabet’s long‑term strategy and its ability to monetize its autonomous driving technology.
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