Waymo千亿估值背后的长期布局

Core Viewpoint - Waymo is negotiating a new round of financing with a proposed valuation of $100 billion, which corresponds to 280 times its latest annual revenue, significantly higher than other ride-hailing platforms [3][12] Group 1: Financial Performance and Projections - Waymo has completed over 14 million paid autonomous rides, doubling its volume compared to 2024, and has achieved an annual revenue exceeding $350 million from services in five cities [4][13] - Analysts predict that Waymo's annual revenue could reach at least $2.5 billion by 2030 if growth rates meet expectations [4][14] - If annual revenue reaches $2.5 billion, Waymo's expected valuation multiple would drop to 40 times revenue, contrasting sharply with Uber and Lyft, which have valuation multiples below 3 times [5][14] Group 2: Market Expansion and Diversification - Waymo plans to expand beyond ride-hailing services into local delivery and long-haul freight, and eventually license its autonomous driving technology to car manufacturers [7][16] - A partnership with DoorDash to launch autonomous delivery services in Phoenix is seen as a potential stepping stone for further business expansion [7][16] Group 3: Competitive Landscape - Waymo's operational costs per mile are currently around $1.43, compared to Tesla's $0.81, although Waymo aims to reduce its costs to between $0.99 and $1.08 by 2026 [9][19] - Waymo has a regulatory advantage over competitors like Tesla and Zoox, which have not yet received approval for paid ride services in operational cities [10][20] - The company’s early market entry and aggressive expansion strategy could create a deeper competitive moat compared to Uber, which currently has a market value significantly higher than its competitors [10][20]