Waymo, the autonomous vehicle division of Alphabet, has successfully raised $16 billion to enhance its fleet of driverless taxis, with plans to introduce services in over a dozen new cities worldwide, including London and Tokyo.
This funding round was spearheaded by notable investors such as Dragoneer Investment Group, DST Global, and Sequoia Capital, elevating Waymo's valuation to an impressive $126 billion, as reported by the company in a recent announcement. Alphabet, its parent company, continues to play a significant role as the primary investor.
In addition to the leading investors, the round attracted substantial contributions from firms like Andreessen Horowitz, Mubadala Capital, Bessemer Venture Partners, Silver Lake, and Tiger Global, among others.
Waymo has indicated that these funds will be pivotal in accelerating its growth trajectory, which has seen remarkable momentum over the past year. The company recently expanded its robotaxi services to include rides to and from San Francisco International Airport, while also broadening its reach across Northern California and major U.S. cities such as Los Angeles, Austin, and Miami.
Initially, Waymo's journey began as a project under Google, gradually advancing its autonomous vehicle technology through extensive testing in Silicon Valley and the Bay Area. The company made significant strides in 2016 by launching trials in Phoenix, which became its first market for driverless taxis, allowing the public to hail autonomous Chrysler Pacific minivans.
In August 2023, Waymo accelerated its operations after obtaining the necessary permits to operate a paid robotaxi service in California. Following a successful launch in San Francisco, the service has since expanded to cover much of the Bay Area, Silicon Valley, and Los Angeles. The company also entered the Austin and Atlanta markets in 2025 through a partnership with Uber, and recently commenced operations in Miami.
This geographical expansion has resulted in an impressive 400,000 rides being provided weekly across six major metropolitan areas in the U.S. In 2025 alone, the company tripled its annual ride volume to 15 million, with total rides exceeding 20 million to date.
"We are no longer proving a concept," Waymo stated in its blog. "We are scaling a commercial reality, laying the groundwork for ride-hailing operations in over 20 additional cities in 2026, including Tokyo and London."
