Waymo is Alphabet's autonomous driving subsidiary, operating the Waymo One robotaxi service
in San Francisco, Phoenix, Los Angeles, and Austin. The company reached $355 million in
annualized revenue as of February 2026, growing 117% year-over-year (Sacra). Alphabet
invested $5.6 billion in Waymo in October 2024, implying a valuation of approximately $45
billion. Waymo stock is not independently traded. Accredited investors can access Waymo
shares through UpMarket, a FINRA-registered broker-dealer, with a $50,000 minimum
investment.
Waymo Revenue and Growth
$131M
2024
$284M
2025
$355M
Feb 26E
117%
2025 YoY Growth
100K+
Paid Rides/Week
4
Cities Operating
Source: Sacra. Revenue figures are annualized run-rates.
Why Investors Are Watching Waymo
$45B
Valuation
$355M
Revenue
100K+
Weekly Rides
4
Active Cities
Milestone
100,000+ Paid Rides Per Week
Waymo crossed this milestone in 2025, with ride volume expanding rapidly in each of
its four cities. The company is the first autonomous ride-hailing service to reach
this scale.
Waymo, Sacra · 2025
Funding
$5.6B Alphabet Investment
The single largest investment in Waymo's history. Implies a $45 billion valuation.
Signals Alphabet's conviction in autonomous driving as a long-term revenue driver.
Alphabet Q4 2024
Revenue
117% Revenue Growth
Revenue grew from $131M (2024) to $284M (2025) to a $355M annualized run-rate in
February 2026. Consistent acceleration as ride volumes increase.
Sacra · 2026
Expansion
Austin Launch 2026
Fourth city for Waymo One, following San Francisco, Phoenix, and Los Angeles.
Expansion validates the technology's adaptability to new geographies.
Waymo · 2026
Competition
Travis Kalanick's Atoms
Former Uber CEO launching a competing self-driving venture with Uber backing.
Potential challenger to Waymo's early lead in the robotaxi market.
TechCrunch, The Information · Mar 2026
Partnership
Uber Partnership
Waymo rides available through the Uber app, extending distribution to Uber's massive
user base without building a consumer brand from scratch.
Various
Ecosystem
Applied Intuition $415M/yr
AV simulation market growing rapidly. Applied Intuition, which counts Waymo as a key
customer, now generating $415M in annual revenue.
Sacra · 2026
Regulatory
Regulatory Expansion
Holds California and Arizona CPUC permits. More states expected as regulatory
frameworks mature. Federal guidance trending favorably for autonomous vehicles.
Various
Private market investments carry meaningful risks, including illiquidity and possible
total loss of capital.
Waymo is not independently traded on public exchanges. As an Alphabet subsidiary, Waymo
shares are available through private market transactions. UpMarket provides accredited
investors access through secondary market offerings.
1
Verify accredited investor status
$200K+ annual income ($300K jointly) or $1M+ net worth excluding primary residence.
PPM review, fee analysis, and portfolio-fit evaluation support.
5
Fund your investment
Minimum typically $50,000. Wire or ACH. Monitor via UpMarket portal.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
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We provide access to a range of asset classes and investment strategies that span
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The problem
Historically, accessing private market investments had these challenges:
A large barrier to entry due to high investment minimums
Time-intensive because sourcing deals is a lot of work even if you've got a
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Costly because of investment-related diligence costs, paperwork, and legal fees
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UpMarket works to address these barriers for individual investors by:
Offering lower investment minimums
Sourcing and conducting diligence on opportunities for investors, empowering
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Making the investment process entirely digital, straightforward, and easy to
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UpMarket has brokered over $1 billion in alternative investments*
*Includes principal invested and appreciation of investments originated via the UpMarket
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Waymo Stock FAQ
Is Waymo publicly traded?
No. Waymo is a wholly-owned subsidiary of Alphabet (GOOGL). It does not have its own
stock ticker or separate public listing. Investors cannot buy Waymo shares on any
stock exchange. However, accredited investors can access Waymo shares through
secondary market platforms like UpMarket.
Can I buy Waymo stock?
Yes, through UpMarket's private market access. While Waymo doesn't trade on public
exchanges, accredited investors can purchase shares through secondary market
transactions. Fill out the form above or
sign up directly. Subject to
availability.
How does Waymo make money?
Waymo generates revenue through its Waymo One robotaxi service, a pay-per-ride model.
Passengers request rides through the Waymo app (or Uber), and pay per trip. Revenue
reached $355 million annualized in February 2026, up 117% year-over-year.
Is Waymo part of Google?
Waymo is owned by Alphabet, Google's parent company. It originated as Google's
Self-Driving Car Project in 2009, then became a separate subsidiary called Waymo in
2016. Alphabet invested $5.6 billion in Waymo in October 2024.
Waymo vs Tesla FSD: what's the difference?
Waymo operates fully autonomous Level 4 vehicles with no human driver in specific
cities (geofenced). Tesla FSD is Level 2 driver-assistance, requiring constant human
supervision. Waymo uses lidar + cameras + radar; Tesla relies on cameras only. Waymo
provides a commercial ride-hailing service; Tesla FSD is a feature sold to car owners.
Who are Waymo's competitors?
Tesla FSD (Level 2, camera-only approach), Cruise/GM (paused operations), Zoox/Amazon
(developing purpose-built robotaxi), Atoms (Travis Kalanick's new venture with Uber
backing), and Baidu Apollo (China).
What is Waymo's valuation?
Alphabet's $5.6 billion investment in October 2024 implied a valuation of
approximately $45 billion. UpMarket's proprietary model estimates $50.72 billion as of
March 2026, reflecting continued revenue growth. For informational purposes only.
When will Waymo IPO?
No confirmed IPO date. As a subsidiary of Alphabet, Waymo does not need to IPO for
funding. A potential spinoff or separate listing has been discussed by analysts but
not announced by the company.
What are the risks of investing in Waymo?
Illiquid, no guaranteed exit. Dependent on Alphabet's strategic decisions. Regulatory
risk across multiple jurisdictions. Competition from Tesla and new entrants.
Technology risk (safety incidents could set back expansion). High capital expenditure.
Consult your own advisors before investing.
How do pre-IPO trades work?
Accredited investors purchase from existing shareholders through secondary market
platforms. Waymo (through Alphabet) does not issue new shares in these transactions.
How do I exit my investment?
Sell on secondary market or hold until IPO/spinoff/acquisition. Timing is
unpredictable.
What is the minimum investment in Waymo on UpMarket?
The minimum for most Waymo offerings is $50,000. May vary by offering and share class.
No fees to create an account.
How does UpMarket estimate Waymo's valuation?
Proprietary model using funding round data (Caplight), revenue data (Sacra), secondary
market pricing, and public company comparables. Current estimate: $50.72 billion. For
informational purposes only.
What cities does Waymo operate in?
San Francisco, Phoenix, Los Angeles, and Austin (launched 2026). The company is
expected to expand to additional cities as regulatory permits are obtained.
How many rides does Waymo give per week?
Over 100,000 paid rides per week as of 2025, making it the first autonomous
ride-hailing service to reach this scale. Ride volume continues to grow as the service
expands.
GM's AV unit. Paused operations in 2024. Waymo's closest direct competitor.
Bottom Line: Waymo Stock
Waymo is the world's leading autonomous ride-hailing service, providing
100,000+ paid rides per week across San Francisco, Phoenix, Los
Angeles, and Austin. Revenue reached $355 million annualized in
February 2026, growing 117% year-over-year. Backed by
$5.6 billion from Alphabet at a $45 billion implied valuation.
Accredited investors can access Waymo shares through UpMarket, a FINRA-registered
broker-dealer that has brokered over $1 billion in alternative investments since 2019.
All private market investments involve risk, including potential loss of principal. Past
performance is not indicative of future results.
Any financial forecasts or financial returns displayed on this website are for
illustrative purposes only, and are not a guarantee of future results. Past performance is
not indicative of future performance. Alternative investments possess a certain level of
risk, and cannot guarantee investment objectives or return on capital. This website is
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The information on this website does not constitute investment advice. The sole basis for
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