Waymo in talks to raise billions at over US$100 billion valuation: report

ALPHABET unit Waymo is in talks with potential investors to raise money at a valuation of at least US$100 billion, The Information reported on Tuesday, as competition intensifies in the nascent robotaxi market.

The size of the financing round could even possibly exceed US$10 billion, and is expected to be arranged early next year, the Information reported, citing people familiar with the ride-hailing service provider’s plans.

Bloomberg News also reported that Waymo is looking to raise more than US$15 billion at a valuation near US$100 billion, in a round led by parent Alphabet.

Alphabet and Waymo did not immediately respond to Reuters’ requests for comments.

Waymo, which Alphabet carved out of Google’s self-driving car project in 2016, is the only operator in the US offering paid robotaxi services with no safety drivers or in-vehicle attendants. It has a fleet of more than 2,500 vehicles.

The move underscores the accelerating race to commercialise fully autonomous vehicles, with leading players investing heavily and focusing on safety, technology refinement and regulatory cooperation to win market share.

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Rival Tesla CEO Elon Musk said on Sunday the electric-vehicle maker was testing its robotaxis without safety monitors in the front passenger seat.

Much of Tesla’s US$1.53 trillion valuation - the highest of any automaker globally - is tied to investor optimism around its self-driving technology and humanoid robot ambitions.

Alphabet has a market capitalisation of around US$3.73 trillion, according to LSEG data. REUTERS