We have is nearing completion of a new $16 billion funding round that would value the robotaxi company at $110 billion, according to the Financial Times.

More than three-quarters of that funding reportedly came from a source closer to home — Alphabet, of which Waymo is a subsidiary. (The company was incubated as part of The “moonshot factory” of Alphabet X.)

The FT reports that Waymo has brought in new investors Dragoneer, Sequoia Capital, and DST Global, with 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 do not comment on private financial matters, our trajectory is clear: with more than 20 million trips completed, we are focused on safety led by operational excellence and technological leadership necessary to meet the great demand for autonomous mobility.

The company is expanding rapidly, including a recent launch in Miami. That growth has some challenges, including the many robotaxis that stopped at traffic lights during the massive blackout in San Francisco.

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