RADAR · Pre-filing · Autonomous Mobility

Waymo IPO

Waymo closed a $16B round in February 2026 at a $126B post-money valuation, led by parent Alphabet. It is the rare RADAR name whose listing decision is not the company's to make — Waymo is an Alphabet subsidiary, and no path to public has been announced.

Filing status: No S-1 on EDGAR under a Waymo CIK — Alphabet subsidiary; no separation announced

Reported facts

Filing status
No draft or public S-1 exists on EDGAR under a Waymo CIK as of the draft date. Waymo is an Alphabet subsidiary and no separation or listing path has been announced.
Last confirmed private mark
$126B post-money — $16B round announced February 2, 2026, led by Alphabet.
Revenue
Approximately $355M annualized, reported up 127% year over year (February 2026). Waymo does not publish standalone financial statements.
Round syndicate
February 2026 round reported led by Dragoneer Investment Group, DST Global and Sequoia Capital, with Alphabet — Waymo's majority owner — contributing alongside Andreessen Horowitz, Tiger Global, Silver Lake and T. Rowe Price.
Operating scale
Reported over 400,000 paid rides per week and roughly 15 million cumulative trips, across Phoenix, San Francisco, Los Angeles and Austin.
Reported use of proceeds
Coverage reports the $16B is earmarked for expansion into additional U.S. metros, with international launches reported as planned for London and Tokyo. No dates confirmed by the company.
Reported timing
No plans announced; coverage widely characterizes an eventual listing as likely, speculation clustering 2027–2028 tied to reported profitability targets — decision rests with Alphabet.
Corporate structure
Wholly-owned Alphabet subsidiary reported within the Other Bets segment; results consolidated, not separately disclosed.
Prior round
$5.6B Series C at a reported $45B valuation, October 2024.
Secondary market
Indirect exposure has been listed by private-market platforms including Forge Global, Hiive and UpMarket. Accredited and institutional participants only; private transactions, not exchange trades.

Valuation arc

What the reporting says

The numbers read like a pre-initial-public-offering (pre-IPO) leader: a $126B post-money mark set in February 2026 on a $16B raise, and roughly $355M in annualized revenue growing 127% year over year. What is missing is the one thing every other RADAR name controls — the ability to decide.

Waymo's economics sit inside Alphabet's Other Bets segment and are not broken out. There is no Waymo CIK on EDGAR, no draft registration statement, and no announced separation. Watch Alphabet's language, not Waymo's.

Why the decision isn't Waymo's

Waymo is a wholly-owned Alphabet subsidiary whose results are consolidated inside the Other Bets segment and never broken out on their own. That single fact reorders the whole dossier: a company with its own board, its own cap table and its own auditors can decide to file; a segment inside a parent's income statement cannot. Any listing runs through Alphabet's boardroom first, which is why no amount of revenue growth or valuation step-up moves Waymo's stage on its own.

There are four known doors, and none has been announced. A traditional initial public offering (IPO) would require Alphabet to carve Waymo out into a standalone registrant with separate audited financials. A spin-off would distribute Waymo shares to existing Alphabet holders. A direct listing would float existing shares without a raise. Or Waymo stays private indefinitely, with liquidity handled through rounds like February's and through private secondary transactions. Public reporting supports the existence of these paths in the abstract — it does not support any of them being chosen.

The path from here

What to watch

What we don't know

Public reporting and company announcements only. No draft or public S-1 on EDGAR under a Waymo central index key (CIK) as of the draft date [7]; Waymo's financials are consolidated inside Alphabet's Other Bets segment and are not separately disclosed [8].

Sources

  1. Waymo / Alphabet (company announcement) — Waymo announces $16B round at $126B post-money valuation, led by Alphabet (2026-02-02)
  2. CNBC — Waymo closes $16B funding round at $126B valuation (2026-02-02)
  3. Reporting on Waymo revenue disclosure — Waymo annualized revenue reported at approximately $355M, up 127% year over year (2026-02)
  4. Reuters — Waymo raises $5.6B Series C at reported $45B valuation (2024-10-25)
  5. Google / Waymo — Google's self-driving car project becomes Waymo, a standalone Alphabet company (2016-12-13)
  6. Google (official blog) — Google discloses its self-driving car project, begun in 2009 (2010-10-09)
  7. bellipo — Bellipo first-party check of the public EDGAR record (full-text and company search) for Waymo LLC — no CIK assigned, no draft or public S-1 on file at the check date; Alphabet Inc. CIK 0001652044 shows no Waymo separation filing (2026-07-26)
  8. Alphabet Inc. (segment disclosure) — Waymo reported within the Other Bets segment; results consolidated and not separately disclosed (2026-02)
  9. Private-market platform listings (Forge Global, Hiive, UpMarket) — Waymo exposure listed to accredited and institutional participants via private transactions and SPVs (2026-07)
  10. Aggregate press coverage of a potential Waymo listing — Coverage characterizes an eventual listing as likely, with speculation clustering 2027–2028 tied to reported profitability targets; no plans announced (2026-07)
  11. Waymo / press coverage of the February 2026 round — Waymo reported over 400,000 weekly paid rides and ~15 million cumulative trips; proceeds earmarked for new metros including London and Tokyo (2026-02)