Google's Self-Driving Car Arm on Road to $110 Billion Valuation

Core Insights - Waymo, a self-driving vehicle startup owned by Google, is nearing the completion of a $16 billion funding round, which will value the company at $110 billion, more than double its current valuation [2] - Google is expected to contribute over 75% of the funding amount, indicating strong backing from its parent company [2] - Waymo's annual recurring revenue has surpassed $350 million, and the funding round was three times oversubscribed, reflecting high investor interest [2] Company Performance - Waymo has completed over 20 million trips and has established itself as a leader in the robotaxi sector, logging more than 125 million fully autonomous miles on U.S. roads with minimal safety incidents [3][4] - The company anticipates hosting 1 million rides per week in cities like San Francisco, Los Angeles, Phoenix, and Miami this year [4] - Waymo is also collaborating with Uber in secondary markets such as Austin and Atlanta for ride bookings [4] Competitive Landscape - The funding plans come as Waymo faces competition from Tesla and its CEO Elon Musk [5] - Waymo's capital expenditures are projected to exceed $20 billion this year, more than double previous guidance, as the company increases investments in autonomous vehicles, humanoid robotics, and artificial intelligence [5] Expansion Plans - Waymo is currently operating unsupervised autonomous driving in Austin, Texas, with intentions to expand to numerous major U.S. cities by the end of the year, pending regulatory approval [6] - The company plans to allow vehicle owners to add their cars to its autonomous fleet, enabling them to earn income when their vehicles are not in personal use [7]