The market cap of Waymo is $0 because it has no market cap.
[edit: note that the parent comment originally spoke to the `market cap' of Waymo before an edit, giving context to this reply]
An analyst independently made up a number, likely to justify an outsized Google target number. There have been rumors that Google will seek outside investments in Waymo that might legitimize some valuation, but they haven't.
And for now Waymo's revenue is estimated to be $5M. While Google's revenue is about $160,000M.
So I don't think they're giving a false impression of anything. Google has been pouring enormous sums of Adword cash into Waymo and it's still a stuttering business ten years later.
[edit: note that the parent comment originally spoke to the `market cap' of Waymo before an edit, giving context to this reply]
An analyst independently made up a number, likely to justify an outsized Google target number. There have been rumors that Google will seek outside investments in Waymo that might legitimize some valuation, but they haven't.
And for now Waymo's revenue is estimated to be $5M. While Google's revenue is about $160,000M.
So I don't think they're giving a false impression of anything. Google has been pouring enormous sums of Adword cash into Waymo and it's still a stuttering business ten years later.