Feb 2 (Reuters) – Alphabet unit Waymo said it had raised $16 billion in its latest fundraising round that valued the self-driving car startup at $126 billion, nearly tripling its valuation in less than two years.
As one of the most sought-after applications of artificial intelligence, leading autonomous vehicle companies are investing heavily in commercializing their technology, with a focus on safety and regulatory collaboration to gain market share.
The round was led by Dragoneer Investment Group, DST Global, and Sequoia Capital, with additional investments from Mubadala Capital, Andreessen Horowitz and T. Rowe Price.
As of the last external financing in 2024, Waymo was valued at $45 billion, based on data from Tracxn.
Waymo, which Alphabet carved out of Google’s self-driving car project in 2016, is the only operator in the U.S. offering paid robotaxi services with no safety drivers or in-vehicle attendants.
The company said it tripled its volume to 15 million rides in 2025, providing 400,000 rides weekly across six major U.S. metropolitan areas.
While Waymo remains the leader in the U.S. market, competition is brewing, with Elon Musk’s Tesla making robotaxis a core priority for the company, pivoting away from electric vehicles.
Amazon’s self-driving unit Zoox has also offered free robotaxi rides to the public on and around the Las Vegas Strip and in parts of San Francisco.
However, safety concerns linger as the National Highway Traffic Safety Administration last week said it is opening an investigation after a Waymo self-driving vehicle struck a child near an elementary school in California.
(Reporting by Ateev Bhandari in Bengaluru; Editing by Vijay Kishore)