How to Buy Waymo Stock Before the IPO

Waymo operates 450,000+ paid rides per week across Phoenix, San Francisco, Los Angeles, Atlanta, and Austin. It’s the clear leader in autonomous vehicles—years ahead of Tesla, Cruise, and everyone else. And you want to own a piece of it.

The short answer: You cannot buy Waymo stock directly. Waymo is a wholly-owned subsidiary of Alphabet Inc. (Google’s parent company). There is no separate Waymo stock, no secondary market for Waymo shares, and no announced spinoff or IPO. The only way to get Waymo exposure is by owning Alphabet stock (GOOGL or GOOG).

This is fundamentally different from other pre-IPO situations. Waymo isn’t a private company seeking capital—it’s a division of a $2 trillion public company that has invested over $11 billion into it. The question isn’t whether you can access Waymo shares, but whether Alphabet’s stock adequately captures Waymo’s value.

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Quick Summary

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What Is Waymo?

Waymo is the world’s leading autonomous vehicle company. Spun out of Google’s self-driving car project in 2016, Waymo operates commercial robotaxi services in multiple U.S. cities—the first company to offer fully driverless rides to the public at scale.

The Technology

Waymo’s self-driving system uses a combination of:

• Lidar: Laser sensors that create 3D maps of the environment
• Radar: Detects objects and tracks motion
• Cameras: Visual recognition for signs, signals, pedestrians
• AI/ML: Deep learning models trained on billions of miles of driving data

The company manufactures its own sensors in-house, reducing costs from $75,000 per vehicle (2017) to significantly less today.

Current Operations

As of late 2025, Waymo operates fully autonomous robotaxis in:

Scale:

• 450,000+ paid rides per week (December 2025)
• 2,500+ robotaxis in service
• Target: 1 million rides per week by end of 2026
• Expansion planned to 20+ cities including London and Tokyo

The Uber Partnership

Waymo has partnered with Uber to offer rides through the Uber app in Atlanta and Austin. This gives Waymo access to Uber’s massive user base while Uber gets autonomous vehicle capability it couldn’t build internally.

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Why You Can’t Buy Waymo Stock

Unlike SpaceX, Stripe, or other pre-IPO companies, Waymo isn’t a private company with outside shareholders. It’s a wholly-owned subsidiary of Alphabet.

The Corporate Structure

Alphabet Inc. (GOOGL / GOOG)
├── Google LLC
├── Waymo LLC ← You can't buy this separately
├── Verily (life sciences)
├── Calico (longevity research)
├── X Development (moonshots)
└── Other Bets

When you buy Alphabet stock, you own a proportional share of everything—including Waymo. But Waymo’s value is bundled with Google Search, YouTube, Cloud, and all other Alphabet businesses.

No Secondary Market

Because Waymo is wholly-owned by Alphabet:

• There are no outside shareholders to sell shares
• No secondary market platforms list Waymo
• No pre-IPO investment is possible
• Accredited investor status doesn’t help

The Funding Rounds

Waymo has raised $5.5 billion from outside investors in 2020-2021, plus $5.6 billion in 2024. But these were minority investments that didn’t create a separate share class:

Total outside funding: ~$5.5 billion Total from Alphabet: ~$6+ billion Total capital: $11+ billion

These outside investors own minority stakes in Waymo LLC, but those stakes aren’t available to retail investors.

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How to Get Waymo Exposure

Your only option for Waymo exposure is owning Alphabet stock.

Buying Alphabet Stock

Alphabet trades under two tickers:

GOOGL (Class A)

• Voting shares (1 vote per share)
• Slightly higher price
• Preferred by most investors

GOOG (Class C)

• Non-voting shares
• Slightly lower price
• Functionally identical for most purposes

How to buy:

1. Open a brokerage account (Fidelity, Schwab, Robinhood, etc.)
2. Search for GOOGL or GOOG
3. Place your order

Alphabet trades at roughly $175-200 per share (as of early 2026), making it accessible to most investors.

The Dilution Problem

Here’s the challenge: Waymo is a small part of Alphabet.

The math: If Waymo is worth $50 billion and Alphabet is worth $2 trillion, Waymo represents about 2.5% of Alphabet’s value. If Waymo doubles, Alphabet stock might rise 2.5%. If Waymo goes to zero, Alphabet falls 2.5%.

You’re not buying a pure-play autonomous vehicle investment. You’re buying Google with a Waymo kicker.

Is That Bad?

Not necessarily. Consider:

Advantages of Alphabet exposure:

• Waymo is funded by Google’s cash machine
• No risk of Waymo running out of money
• Diversification across Google’s businesses
• Profitable parent company supports long-term R&D

Disadvantages:

• Minimal Waymo-specific upside
• Can’t isolate autonomous vehicle thesis
• Google’s core business drives the stock

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Will Waymo Ever Go Public?

Current Status

Alphabet has made no announcements about spinning off or IPO’ing Waymo. The company appears committed to funding Waymo internally.

Arguments for a Spinoff

Unlock Value: Analysts estimate Waymo is worth $45-50 billion. A spinoff would force the market to value it separately, potentially at a premium.

Attract Talent: Public stock options are more attractive than private Alphabet equity for Waymo employees.

Strategic Focus: An independent Waymo could partner more freely with automakers and competitors.

Investor Demand: There’s clear appetite for pure-play autonomous vehicle investments.

Arguments Against a Spinoff

Funding Advantage: Alphabet can fund Waymo’s losses indefinitely. An independent Waymo would need to raise capital or achieve profitability.

Strategic Integration: Waymo benefits from Google’s AI research, mapping data, and cloud infrastructure.

Control: Alphabet may want to retain full control of a technology with massive long-term potential.

No Pressure: Unlike other “Other Bets,” Waymo is showing real commercial traction.

Likely Timeline

Short-term (2026-2027): Unlikely. Waymo is still scaling and likely unprofitable.

Medium-term (2028-2030): Possible if Waymo achieves profitability and Alphabet wants to unlock value.

Long-term: Depends on competitive dynamics and Alphabet’s strategic priorities.

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Waymo’s Competitive Position

The Clear Leader

Waymo is years ahead of competitors:

Cruise, Waymo’s closest competitor, suspended operations after a 2023 accident. Tesla’s “Full Self-Driving” requires driver attention and isn’t truly autonomous. Waymo is the only company operating fully driverless commercial service at scale.

Safety Record

Waymo claims (based on its own analysis):

• 81% fewer injury-causing crashes than human drivers
• 82% fewer airbag-deployment crashes
• 90% fewer serious-injury-or-worse crashes

The company has never been found liable for bodily injury as of July 2024.

Challenges

Regulatory: Local governments have pushed back on robotaxi expansion. Boston is considering restrictions. Some cities have banned overnight charging.

Incidents: School bus passing violations led to an NHTSA investigation and software recall in December 2025. A beloved San Francisco cat was killed by a Waymo, generating negative press.

Economics: Waymo is almost certainly unprofitable. The $100,000+ cost to retrofit each vehicle, plus remote monitoring and maintenance, makes unit economics challenging.

Vandalism: Waymo vehicles have been attacked, set on fire, and “coned” by protesters concerned about safety and job displacement.

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Alternatives for Autonomous Vehicle Exposure

If you want more concentrated autonomous vehicle exposure than Alphabet provides:

Direct Competitors

Tesla (TSLA)

• Offers “Full Self-Driving” (driver-assist, not autonomous)
• Claims robotaxi service coming “soon” (repeatedly delayed)
• Much more volatile stock
• Autonomous is a small part of the thesis

Aurora Innovation (AUR)

• Focused on autonomous trucking
• Publicly traded (NASDAQ)
• Pre-revenue, high-risk
• Partnership with Continental and Uber Freight

Automotive Partners

General Motors (GM)

• Owns Cruise (suspended operations)
• Traditional automaker with EV/AV ambitions
• Cruise’s future uncertain

Hyundai (HYMTF)

• Partnership with Waymo for Ioniq 5 vehicles
• Major EV player
• Indirect Waymo exposure

Sensor/Component Suppliers

Luminar Technologies (LAZR)

• Lidar sensor manufacturer
• Supplies multiple AV companies
• Volatile, pre-profitability

Mobileye (MBLY)

• Intel subsidiary, publicly traded
• Advanced driver-assistance systems
• Supplies many automakers

Comparison Table

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Risks of Waymo Exposure (via Alphabet)

Minimal Upside Capture

If Waymo becomes a $200 billion business (4x current estimates), Alphabet might rise 7-8%. You’re not getting venture-style returns from a 2-3% portfolio allocation.

Regulatory Risk

Autonomous vehicles face regulatory uncertainty:

• Cities can restrict or ban robotaxis
• NHTSA investigations can force recalls
• New legislation could impose requirements

Technology Risk

Despite its lead, Waymo could be disrupted:

• Tesla’s approach (vision-only, mass data) could prove superior
• New entrants with better technology could emerge
• The “last 1%” of autonomous driving may prove harder than expected

Economic Uncertainty

Waymo’s path to profitability is unclear:

• High vehicle costs ($100K+ per unit)
• Remote monitoring requirements
• Maintenance and charging infrastructure
• Competition from human drivers (cheaper)

Parent Company Risk

Alphabet faces its own challenges:

• Antitrust scrutiny and potential breakup
• AI competition from Microsoft/OpenAI
• Advertising market fluctuations

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The Bottom Line

Can you buy Waymo stock? No. Waymo is a wholly-owned Alphabet subsidiary with no separate stock, no secondary market, and no announced IPO or spinoff.

How do you get Waymo exposure? Buy Alphabet stock (GOOGL or GOOG). You’ll own a proportional share of Waymo—but it’s only about 2-3% of Alphabet’s value.

Is that enough? It depends on your goals:

• If you believe in autonomous vehicles broadly: Alphabet gives you Waymo exposure with the safety of Google’s profitable core business.

• If you want pure-play autonomous vehicle exposure: Alphabet isn’t the answer. Consider Aurora (AUR) for high-risk/high-reward, or Tesla (TSLA) for a more diversified bet with autonomous upside.

• If you’re waiting for a Waymo spinoff: Don’t hold your breath. There’s no indication Alphabet plans to separate Waymo, and the company benefits from Alphabet’s funding and resources.

The reality: Waymo is the clear leader in autonomous vehicles, operating at a scale no competitor matches. But you can’t invest in Waymo specifically—only in Alphabet, where Waymo is a small (but potentially valuable) piece of a much larger company.

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FAQ

Can you buy Waymo stock?

No. Waymo is a wholly-owned subsidiary of Alphabet Inc. (Google’s parent company). There is no separate Waymo stock available for purchase. The only way to get Waymo exposure is by buying Alphabet stock (GOOGL or GOOG).

Is Waymo publicly traded?

No. Waymo is not publicly traded as a separate company. It’s a subsidiary of Alphabet Inc., which is publicly traded. Alphabet has not announced any plans to spin off or IPO Waymo.

How much is Waymo worth?

Analysts estimate Waymo’s value at $45-50 billion based on its technology leadership and commercial traction. However, this is speculative—there’s no public market to establish a price. Waymo represents roughly 2-3% of Alphabet’s $2 trillion market cap.

When will Waymo go public?

There are no announced plans for a Waymo IPO or spinoff. Alphabet appears committed to funding Waymo internally. A spinoff could happen in the medium-term (2028-2030) if Waymo achieves profitability, but this is speculation.

How can I invest in autonomous vehicles?

Options include: Alphabet (GOOGL) for Waymo exposure (~2-3% of value), Tesla (TSLA) for Full Self-Driving ambitions, Aurora Innovation (AUR) for pure-play autonomous trucking, or sensor companies like Luminar (LAZR) and Mobileye (MBLY). Each carries different risk/reward profiles.

Is Waymo profitable?

Almost certainly not. Waymo’s vehicle costs ($100,000+ per unit), remote monitoring requirements, and infrastructure needs make profitability challenging at current scale. Alphabet doesn’t break out Waymo’s financials separately.

How many rides does Waymo complete?

As of December 2025, Waymo completes over 450,000 paid rides per week across Phoenix, San Francisco, Los Angeles, Atlanta, and Austin. The company targets 1 million weekly rides by end of 2026.

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Sources

• Alphabet Inc.: Quarterly earnings reports and investor presentations
• Waymo: Official blog and press releases
• Wikipedia: Waymo company history and operations
• CNBC: “Waymo crosses 450,000 weekly paid rides” (December 2025)
• New York Times: “Waymo’s Robot Taxis Are Almost Mainstream” (September 2024)
• Reuters: “Alphabet’s Waymo closes $5.6 billion funding round” (October 2024)
• NHTSA: Standing General Order on Crash Reporting
• California DMV: Waymo Approved Areas of Operation
• Yahoo Finance: GOOGL, GOOG, TSLA, AUR, LAZR, MBLY stock data