Waymo peilt in neuer Finanzierungsrunde eine Bewertung von 100 Milliarden Dollar an

What Happened

Waymo, the autonomous driving subsidiary of Alphabet, is reportedly in advanced discussions to raise approximately $15 billion in a new funding round that would value the company at over $100 billion. This massive capital injection represents one of the largest private fundraising efforts in the history of the autonomous vehicle (AV) sector.

The discussions come as Waymo accelerates its expansion beyond its initial strongholds in Phoenix, San Francisco, and Los Angeles. With a fleet that has now surpassed 100 million driverless miles and is completing between 250,000 and 360,000 paid trips per week, the company is seeking to cement its lead over competitors like Tesla and Zoox. The funding is expected to primarily support the scaling of operations, including the deployment of the new Zeekr-built “M-Vision” robotaxis and entry into new markets such as Austin, Atlanta, and potentially international hubs like London.

Unlike previous rounds where Alphabet was the sole benefactor, this round reportedly explores opening the cap table to external institutional investors, signaling that Waymo is maturing from a “science project” into a commercially viable entity ready for independent market validation.

Key Details

• Valuation Target: >$100 Billion (Post-money).
• Raise Amount: ~$15 Billion.
• Current Run Rate: Estimated at ~$375M annualized revenue based on ~360k weekly rides at ~$20/ride avg.
• Fleet Check: Expanding into 11 new cities; transitioning to “Generation 6” hardware on the Zeekr platform.
• Strategic Shift: Moving towards an “Asset-Light” model in select markets (London, Dallas) where partners own and operate the fleet while Waymo provides the “Driver.”

Why It Matters

This valuation isn’t just about one company; it’s a referendum on the entire autonomous driving industry. For years, the sector has been plagued by the “trough of disillusionment,” with promised timelines slipping and competitors like Cruise facing catastrophic setbacks. Waymo’s ability to command a $100 billion valuation—effectively double the market cap of Ford—suggests that smart money finally sees a clear path to profitability.

For Consumers

The immediate impact will be availability. A $15 billion war chest allows Waymo to aggressively scale its fleet size. If you live in a Tier 1 U.S. city, the likelihood of a Waymo becoming a viable daily transport option increases dramatically. It also funds the rollout of the custom-built Zeekr vehicle, which promises a superior passenger experience (sliding doors, more legroom) compared to the current retrofitted Jaguar fleet.

For the Industry

This puts immense pressure on Tesla. Elon Musk has staked Tesla’s future valuation on the success of the Cybercab and Full Self-Driving (FSD). If Waymo secures this funding, it validates the “LiDAR + Maps” approach over Tesla’s “Vision Only” strategy—at least in the eyes of institutional investors. It also raises the barrier to entry for smaller players like Zoox and Motional, who may struggle to match this level of capital intensity.

For Investors

The “Asset-Light” pivot is the critical financial signal here. By licensing the “Waymo Driver” to third-party fleet operators (similar to how airlines buy planes but Boeing doesn’t fly them), Waymo shifts from a capital-intensive taxi operator to a high-margin software business. This $100B valuation assumes that high-margin SaaS model will eventually dominate, rather than the low-margin operational grind of maintaining thousands of vehicles.

The Backstory

Waymo began as the Google Self-Driving Car Project in 2009. For over a decade, it burned billions of dollars refining its technology with extreme caution. While competitors rushed to market and sometimes failed, Waymo prioritized safety metrics.

The turning point came in late 2024 and throughout 2025, when the company successfully scaled operations in San Francisco and Los Angeles without major safety incidents. The removal of the waiting list in these cities led to an explosion in ridership, proving that demand for robotaxis is elastic and robust. This funding round is the culmination of that “slow is smooth, smooth is fast” strategy.

Expert Reactions

Dan Ives (Managing Director, Wedbush Securities) noted in a recent investor note:

“Waymo is effectively creating the ‘AWS of Transportation.’ This valuation reflects the reality that they are the only adult in the room when it comes to L4 autonomy at scale. Tesla has the hype, but Waymo has the miles.”

Brad Gerstner (Altimeter Capital) commented on the valuation implications:

“If Waymo hits $100B, it’s not just an Alphabet bet anymore. It’s a standalone titan. The market is waking up to the fact that autonomy is an ‘output’ problem, and Waymo has solved the output.”

What’s Next

With the capital secured, expect three major developments in the next 12-18 months:

1. The Zeekr Rollout: The retirement of the Jaguar EV platform in favor of the purpose-built Zeekr M-Vision. This will significantly lower the cost-per-mile due to lower vehicle CAPEX and easier maintenance.
2. International Expansion: The launch of the “Driver-as-a-Service” model in London implies a move to conquer Europe before regulatory doors close or competitors emerge.
3. Highway Autonomy: Waymo has been testing heavily on freeways. Commercial launch of highway rides (airport runs) will unlock the lucid “business traveler” market, drastically increasing revenue per ride.

Timeline:

• Q1 2026: Expected closing of the funding round.
• Mid-2026: High-volume deployment of Zeekr vehicles in U.S. markets.
• Late 2026: Potential initial public offering (IPO) or spin-off talks if market conditions hold.

The Strategic Outlook

The $100 billion question is whether Waymo can achieve positive unit economics before the cash runs out. While revenue is growing, the cost of teleoperation support, fleet maintenance, and R&D remains astronomical. However, the shift to a partner-led model suggests Waymo understands this trap.

If they can successfully decouple the software revenue from the hardware depreciation, Waymo becomes less of a taxi company and more of a global utility for movement. This funding round buys them the runway to prove that transition is possible. For now, they are the undisputed king of the road, and they have the bank account to prove it.

The Bottom Line

Waymo’s potential $100 billion valuation signals the official maturation of the autonomous vehicle industry. By securing enough capital to flood major cities with robotaxis, Waymo is forcing competitors to put up or shut up. The era of “coming soon” is over; the race for global scale has officially begun.