Waymo, Alphabet’s selfdriving unit, is pursuing a major financing that could value the autonomous vehicle business at close to $110bn.
Bloomberg reported that the round is expected to raise about $16bn, with Alphabet set to supply roughly $13bn and the balance coming from external investors.
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The sources said potential new backers include Sequoia Capital, DST Global and Dragoneer Investment Group, noting that the negotiations remain private.
Those involved indicated the transaction could be finalised this month.
Waymo’s previous capital raise in October 2024, led by Alphabet, valued the business at more than $45bn.
The company currently operates fully autonomous ride-hailing services, without human safety drivers, in several US cities.
These include the San Francisco Bay area and Los Angeles, alongside trips booked through Uber Technologies’s app in Austin and Atlanta.
Waymo plans to expand its commercial presence this year into additional US markets and the UK.
In a statement to Bloomberg, Waymo said: “While we don’t comment on private financial matters, our trajectory is clear: With over 20 million trips completed, we are focused on the safety-led operational excellence and technological leadership required to meet the vast demand for autonomous mobility.”
Rivalry in the driverless ride-hailing market is growing.
Tesla is preparing to launch its own service and has started limited operations without safety drivers in Austin.
Amazon’s Zoox has rolled out custom-built robotaxis lacking driver controls along the Las Vegas Strip and is testing vehicles in areas near San Francisco.
Earlier this month, Waymo opened its fully autonomous offering to the public in Miami.
With nearly 10,000 residents already signed up, the company said it would invite riders gradually to ensure a “seamless experience across our initial 60-square-mile service area”.
That coverage includes several Miami neighbourhoods, with plans to extend services to Miami International Airport “soon”.
