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The appraisal underscores investors' desire to own a piece of the rapidly expanding robotaxi market, as well as how far Waymo has come since starting as a “moonshot” project within Google 17 years ago. Analysts had estimated Waymo was worth about $30 billion just five years ago

The new valuation may feed recurring speculation that Waymo will eventually pursue an initial public offering as part of a spinoff from corporate parent Alphabet Inc, which also owns Google.

Alphabet, which boasts a market value of nearly $4.2 trillion, led the fundraising that also included an array of prominent venture capitalists and investment funds.

In a blog post, Waymo said it plans to use the the money to extend its reach beyond the six metropolitan areas where its robotaxis already give rides in California, Arizona, Georgia, Texas and Florida. It's gearing up to enter more than 20 other cities, including London and Tokyo. Waymo's robotaxis already provide more than 400,000 weekly rides.

“We are positioned to move forward with unprecedented velocity, while maintaining our industry-leading safety standards,” Waymo said in the post.

Although Waymo's robotaxis have so far compiled a mostly clean driving record, they have experienced various problems that have triggered community backlashes and regulatory inquiries.

Last year in San Francisco, a Waymo robotaxi ran over and killed a 9-year-old cat beloved around its neighborhood. Many of the self-driving vehicles later contributed during an extended power outage when they stalled out at intersections with darkened traffic signals. The ��ɫtv Transportation Safety Board is also investigating complaints in Austin, Texas, about Waymo robotaxis operating unsafely around school buses carrying children.

Waymo is girding for more competition from Amazon-backed and Tesla as it continues to pursue to build a network of robotaxis throughout the U.S.