Alphabet's Waymo to Reach $6 Billion in Bookings by 2034 According to TD Cowen

On May 22, TD Cowen analyst John Blackledge said that Alphabet Inc.'s (NASDAQ:GOOGL) autonomous vehicle ride-hailing service Waymo is projected to achieve a gross booking of $6.1 billion in 2034.

Blackledge mentioned that Waymo was the clear U.S. leader in the sector. The analyst cited that Waymo is now worth 2% of Alphabet and has an individual valuation of approximately $60 billion. During the Q1 FY2025 earnings call, the management highlighted that Waymo is serving over 0.25 million paid passenger trips each week, which is 5 times higher than a year ago. On May 21, co-CEO Tekedra Mawakana told CNBC that Waymo has reached 10 million trips, doubling in the past five months.

During Q1, Waymo launched its paid service in Silicon Valley through a partnership with Uber. The company expanded its services in Austin and plans for a public launch in Atlanta this year. Blackledge projects Waymo will experience its vehicle numbers grow to more than 3,500 by the end of 2026. The company plans to launch in at least two new cities per year in the U.S. between 2027 and 2029 and three new cities between 2030 and 2034, Blackledge added. With this strategic plan, the analyst anticipates Waymo’s gross bookings to jump from $230 million in 2025 to $6.1 billion in 2034.

Despite being bullish on Alphabet Inc.'s (NASDAQ:GOOGL) Waymo, Blackledge pointed out that the autonomous vehicle market was not a “winner takes all” scenario. The analyst expects that Waymo’s market growth would be driven partly by collaborations with its peers, such as Uber and Lyft.

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