Alphabet‘s self-driving car unit Waymo on Monday said it raised a $16 billion funding round that values the company at $126 billion “post-money.”

The new valuation is more than double from Waymo’s last funding. That was a series C round of $5.6 billion at a $45 billion valuation, which closed in October 2024. Alphabet committed $5 billion in a multiyear investment to Waymo at the time.

“​​This milestone is built on a foundation of safety that is now statistically superior to human driving,” Waymo co-CEOs Tekedra Mawakana and Dmitri Dolgov wrote in a blog post. “We are no longer proving a concept; we are scaling a commercial reality.”

CNBC previously reported that the Google sister company was set to raise at least $15 billion at a valuation of $110 billion.

The latest funding round was led by Alphabet alongside previous backers, including Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global and T. Rowe Price. The new round includes additional investors such as Dragoneer Investment Group, DST Global, Sequoia Capital, Kleiner Perkins and Alphabet-owned investment firm GV.

Alphabet itself is the “majority investor,” according to the blog.

The new capital will help the company move “with unprecedented velocity, while maintaining our industry-leading safety standards,” Waymo said. “Our focus is now on global scale, bringing the safety and magic of the Waymo Driver to even more cities this year across the United States and international.”

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