As competition heats up in the emerging robotaxi business, the Information reported on Tuesday that Waymo, a division of Alphabet (GOOG, GOOGL), is in talks with possible investors to raise money at a valuation of at least $100 billion.
According to the Information, which cited people familiar with the ride-hailing service provider's plans, the fundraising round could even surpass $10 billion and is anticipated to be arranged early next year.
Additionally, Waymo is seeking to fund about $15 billion at a valuation close to $100 billion in a round spearheaded by parent company Alphabet, according to Bloomberg News. Reuters requests for comments were not immediately answered by Alphabet or Waymo.
The only company in the US providing paid robotaxi services without safety drivers or in-car attendants is Waymo, which Alphabet split off from Google's self-driving car project in 2016. It has almost 2,500 cars in its fleet.
The action highlights the intensifying competition to bring completely autonomous vehicles to market, with top manufacturers making significant investments and concentrating on safety, technological advancement, and regulatory collaboration in order to gain market dominance.
Elon Musk, the CEO of rival Tesla (TSLA), stated on Sunday that the electric car manufacturer was testing its robotaxis without safety monitors in the front passenger seat.
Investor enthusiasm for Tesla's self-driving technology and humanoid robot aspirations is largely responsible for the company's $1.53 trillion value, which is the highest of any carmaker worldwide. Based on LSEG data, Alphabet's market capitalization is around $3.73 trillion.
