Waymo is seeking to raise about $16bn in a new private funding round that would value Alphabet’s autonomous driving unit at close to $110bn, according to a Bloomberg report.

Alphabet is expected to contribute roughly $13bn of the capital, with the remainder coming from outside investors including Sequoia Capital, DST Global, Dragoneer Investment Group, and Mubadala Capital.

The round could close as early as February, following a prior fundraising in October 2024 that valued Waymo at more than $45bn. Waymo operates fully autonomous ride-hailing services in several US cities, including San Francisco and Los Angeles, and plans further expansion domestically and internationally.

The involvement of Mubadala underscores growing sovereign wealth fund interest in late-stage technology platforms with long-duration growth potential. For private capital investors, the round positions Waymo among the most valuable privately held technology businesses globally.

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