Waymo has nearly finalized a new $16 billion funding round that will value the robotaxi company at $110 billion, according to the Financial Times.

More than three-fourths of that funding will reportedly come from a source close to home — Alphabet, where Waymo is a subsidiary. (The company was incubated as part of Alphabet’s “moonshot factory” X.)

The FT reports that Waymo is bringing on new investors Dragoneer, Sequoia Capital, and DST Global, with existing backers Andreessen Horowitz and Abu Dhabi sovereign fund Mubadala also participating in the round.

When contacted by TechCrunch, a company spokesperson said in a statement, “While we don’t comment on private financial matters, our trajectory is clear: with over 20 million trips completed, we are focused on the safety-led operational excellence and technological leadership required to meet the vast demand for autonomous mobility.”

The company is expanding quickly, including with a recent launch in Miami. That growth has come with some challenges, including a number of robotaxis that stalled at traffic lights during a widespread San Francisco blackout.

Waymo has more than $350 million in annual recurring revenue, according to the FT. The company last raised a $5.6 billion Series C in 2024, valuing the company at $45 billion.