What are the top autonomous vehicle startups by revenue?

The ranking of top startups in the autonomous vehicle market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Autonomous Vehicle Market.

Which autonomous vehicle startups make the most revenue today?

Waymo looks like the largest autonomous vehicle startup by current revenue scale, while WeRide and Pony.ai have the strongest large annual revenue figures we can verify directly.

The distinction is important. Waymo does not publish standalone revenue, so its roughly $355 million annualized revenue figure comes from an external estimate based on its commercial activity. WeRide reported $97.9 million of 2025 revenue and Pony.ai reported $90 million, both through formal financial reporting.

Below those three, the market becomes much more crowded. Inceptio Technology appears to be around the $60 million range on older industry data, Trunk Technology generated roughly $48 million in 2025, TIER IV generated about $43 million, and KargoBot has disclosed annual revenue of roughly $42 million.

We deliberately keep Gatik separate from that group. The company currently reports more than $600 million in contracted revenue, which is a very strong commercial result but cannot be compared directly with one year of recognized revenue.

Rank	Company	Best revenue evidence	Metric	How strong is the evidence?
1	Waymo	~$355M	Estimated revenue run-rate	Strong scale evidence, but not company-reported revenue
2	WeRide	$97.9M	FY2025 revenue	Filed annual revenue
3	Pony.ai	$90M	FY2025 revenue	Filed annual revenue
4	Inceptio Technology	~RMB430M / ~$60M	2024 annual revenue estimate	Older third-party industry estimate
5	Trunk Technology	RMB345M / ~$48M	FY2025 revenue	IPO-grade financial disclosure
6	TIER IV	¥6.41B / ~$43M	FY2025 revenue	Audited IPO financials
7	KargoBot	RMB300M / ~$42M	Annual revenue	Company-disclosed operating revenue
8	Autonomous A2Z	KRW16B / ~$11M	2025 revenue	Company-disclosed annual revenue
9	May Mobility	~$10M	2025 revenue	SEC transaction disclosure
10	Bot Auto	~$7.6M	Estimated annual revenue	Third-party estimate
11	Oxa	~£3M	Filed annual revenue	Older UK company accounts
12	Kodiak AI	$3.5M	Q2 2026 revenue	Current SEC-reported quarterly revenue

Is Waymo really the biggest autonomous vehicle startup if it does not report revenue?

Yes, Waymo is currently far enough ahead operationally that the available revenue estimate still puts it in a different league from other autonomous vehicle startups.

We should be precise about what we know. Alphabet does not publish a standalone Waymo income statement, so we cannot point to an audited $355 million annual revenue figure. What we can see directly is the commercial engine underneath the estimate.

Waymo said earlier this year that it was providing more than 400,000 rides per week across six major US metropolitan areas. It also said that 2025 ride volume more than tripled to 15 million rides. The service has since kept expanding into new cities.

That level of paid activity is far beyond most autonomous vehicle startups. Even allowing for uncertainty around fares, promotions and utilization, it is difficult to reconcile Waymo's operating scale with a business that would sit anywhere near the $90–100 million revenue level of WeRide and Pony.ai.

So we rank Waymo first, but with a clear label: estimated current revenue scale, not filed annual revenue.

Which autonomous vehicle startups have crossed $100 million in revenue?

Waymo is currently the only dedicated autonomous vehicle company in our research with credible evidence clearly above a $100 million annual revenue scale.

WeRide came close at $97.9 million in 2025, while Pony.ai reached $90 million. Those are the two largest directly reported annual figures we found among pure-play autonomous driving companies.

The threshold is surprisingly hard to cross. Autonomous vehicles have attracted enormous amounts of capital, yet the number of companies with visible annual revenue around $100 million remains tiny.

Gatik may look like an exception because it has signed more than $600 million of contracted business. That figure represents future contracted revenue across customer deployments rather than one year's sales, so putting Gatik into the $600 million annual-revenue bucket would badly distort the comparison.

Today, $100 million of actual annual autonomous-driving revenue is still a major commercial milestone rather than a normal outcome for a well-funded startup.

Is WeRide still bigger than Pony.ai by revenue?

WeRide remains slightly bigger on the latest completed full year, but Pony.ai moved ahead during the first half of 2026.

WeRide generated $97.9 million in 2025, up 89.6% from a year earlier. Pony.ai generated $90 million, up 20%. On that clean full-year comparison, WeRide still leads.

The latest six-month numbers flip the order. Pony.ai reached $70.5 million of revenue in the first half of 2026, while WeRide reported $51 million. Their second quarters were much closer at $36.2 million for Pony.ai and $34.2 million for WeRide.

Neither company is slowing down. WeRide's second-quarter revenue grew 82.2% year over year, while Pony.ai grew 68.8%.

For now, the best answer depends on the period. WeRide won the last completed year; Pony.ai is currently running ahead in 2026.

Metric	WeRide	Pony.ai
FY2025 revenue	$97.9M	$90.0M
FY2025 revenue growth	+89.6%	+20.0%
H1 2026 revenue	$51.0M	$70.5M
Q2 2026 revenue	$34.2M	$36.2M
Q2 2026 YoY growth	+82.2%	+68.8%
Current robotaxi fleet	1,800+	1,975
Q2 robotaxi-related revenue disclosed separately?	L4 businesses reported together	$12.1M robotaxi services

How much of WeRide's revenue actually comes from autonomous vehicles?

Most of WeRide's business is tied to autonomous-driving products and services, but its revenue is much broader than passengers paying for robotaxi rides.

WeRide generated RMB684.6 million in 2025. Product revenue accounted for RMB359.8 million, helped by sales of robotaxis, robobuses, robosweepers and robovans. Service revenue contributed another RMB324.7 million through areas including intelligent-data services and autonomous-driving technical support.

The company sold 123 robotaxis, 156 robobuses, 91 robosweepers and 28 robovans during the year.

More recently, WeRide has begun reporting its L4 businesses more explicitly. L4 revenue reached $18.5 million in Q2 2026, up 47.3% year over year, while total company revenue reached $34.2 million.

That makes WeRide quite different from a pure ride-hailing operator. A large part of the business currently comes from selling autonomous-driving technology, vehicles and services around the network itself.

Is Pony.ai actually making meaningful money from robotaxis now?

Yes, Pony.ai's robotaxi business has finally become a meaningful revenue line rather than a small add-on to engineering and trucking work.

Robotaxi services generated $12.1 million in Q2 2026, up 691% from a year earlier. Fare-charging revenue grew even faster, and robotaxi services reached $20.6 million for the first half.

The fleet has expanded alongside the revenue. Pony.ai had 1,975 robotaxis at the end of Q2 and says PonyPilot now has more than 1.5 million registered users.

Robotaxis still account for only part of the company. Q2 also included $13.3 million from robotruck services and $10.8 million from intelligent solutions.

Paid passenger activity is now large enough to move Pony.ai's financial results. A year ago, that was much harder to say.

Which Chinese autonomous vehicle startups make the most money?

China currently has the deepest group of autonomous vehicle startups with visible revenue, ranging from robotaxis to freight and vehicle systems.

WeRide and Pony.ai sit at the top among the companies with public financial statements. Below them, Inceptio, Trunk Technology and KargoBot show that Chinese autonomous trucking has already built a meaningful commercial base.

Trunk Technology reported RMB345 million of 2025 revenue. KargoBot has disclosed RMB300 million of annual revenue from autonomous freight. Industry data used in Inceptio's listing materials put its relevant 2024 revenue at around RMB430 million, although that figure is older and less clean than the filed numbers around it.

Autonomous A2Z is South Korean rather than Chinese, so once we keep the geographic boundary strict, there is a noticeable gap below that Chinese trucking group.

The depth is the interesting part. China does not have only one or two autonomous-driving companies making real money. It has several operating at tens of millions of dollars in annual revenue across very different parts of the market.

Are autonomous trucks making more money than robotaxis?

Robotaxis have the biggest individual business in Waymo, but autonomous trucking currently has a broader group of startups turning deployments into meaningful commercial revenue.

KargoBot, Trunk Technology and Inceptio all sit around the tens-of-millions-of-dollars level. Gatik has built a contracted backlog above $600 million. Kodiak is much smaller today but has moved into paid driverless operation and reported $3.5 million of quarterly revenue.

Truck autonomy has a fairly direct sales pitch. The customer already pays to move freight, routes can repeat every day, vehicle utilization can be high, and removing or reducing driver requirements attacks a visible operating cost.

Robotaxis have a harder consumer network to build, but the upside can be much larger once fleet density becomes high enough. Waymo already shows what that can look like.

So far, robotaxis have the revenue leader, while freight gives us more examples of smaller autonomous-driving businesses that have already found paying customers.

Is Gatik really a $600 million autonomous trucking company?

Gatik has built more than $600 million of contracted revenue, but calling it a $600 million annual-revenue company would be wrong.

Gatik disclosed the figure alongside its latest financing and says its driverless trucks have completed more than 85,000 orders for major retail, grocery and consumer-goods customers.

Those contracts are commercially important. They show that large companies are willing to commit substantial budgets to driverless freight rather than simply run short pilots.

The accounting is different from annual revenue, though. Multi-year contracts are recognized over time and can depend on deployment schedules, service volumes and other contractual conditions.

Gatik therefore belongs near the top when we look at customer commitments. In a ranking based on current recognized revenue, companies such as WeRide, Pony.ai, Trunk Technology and KargoBot still have cleaner evidence.

How big are Trunk Technology and KargoBot today?

Trunk Technology and KargoBot have both built autonomous freight businesses around the $40–50 million annual revenue range, which puts them well beyond pilot-stage commercialization.

Trunk Technology generated RMB345 million in 2025, up from RMB134 million in 2023. That works out to roughly 60% compound annual growth over two years. Its operations span highway logistics, logistics hubs and urban transportation.

KargoBot has disclosed RMB300 million in annual revenue while operating hundreds of L4 autonomous freight vehicles. Its model includes autonomous convoy operations, where unmanned trucks can follow a human-driven lead vehicle on suitable routes.

Neither needed a giant consumer robotaxi network to get this far. They found a narrower commercial problem and started charging customers for it.

For autonomous trucking, that path currently looks easier to monetize than waiting for unrestricted driverless operation everywhere.

Can autonomous-driving software companies make serious revenue?

Yes, TIER IV shows that autonomous-driving software, engineering and deployment services can already support a business with more than ¥6 billion in annual revenue.

TIER IV generated ¥6.41 billion in its fiscal year ended in 2025, up 65.6% from ¥3.87 billion a year earlier. The company later listed on the Tokyo Stock Exchange Growth Market.

Its revenue does not depend on one robotaxi fleet. TIER IV sells mobility services, development work for manufacturers and autonomous-driving solutions built around the Autoware ecosystem.

Carmakers, municipalities and transport operators can spend on autonomous-driving development years before a mass-market driverless service reaches their city.

TIER IV therefore sits among the largest companies in our ranking even though most consumers will never book a ride directly from it.

How much revenue does May Mobility make?

May Mobility generated about $10 million of revenue in 2025, which makes it a real commercial autonomous-mobility business but still a small one financially.

The figure became public through SEC materials connected to its planned listing. The same disclosure showed a 27% gross margin and roughly $93 million of cash burn during the year.

May has already provided hundreds of thousands of commercial autonomous rides, so the revenue number gives useful context to all those operating milestones. A large ride count does not automatically turn into a large top line.

Its model also relies heavily on partnerships with cities, transit systems and fleet partners rather than simply charging individual riders a standard Uber-like fare.

May Mobility has clearly moved beyond experimentation. The harder step now is getting from roughly $10 million to the revenue scale already reached by the market leaders.

Is Kodiak AI already making real autonomous-trucking revenue?

Yes, Kodiak AI is making real revenue now, although the business remains early compared with the largest autonomous-trucking companies.

Kodiak reported $3.5 million of Q2 2026 revenue, up 91% from the previous quarter. The company had 35 customer-owned driverless trucks at quarter-end and had passed 40,000 cumulative hours of paid driverless operation.

That customer-owned model is worth watching. Kodiak can sell its autonomous-driving technology and services without buying every truck itself, which could eventually make fleet expansion less capital-intensive.

The company has also delivered more than 20,000 loads.

Those figures do not put Kodiak anywhere near the revenue leaders yet. They do show that its autonomous trucks have crossed the line from demonstration to recurring paid work.

What type of autonomous vehicle startup makes the most money?

The autonomous vehicle startups making the most money today usually combine several revenue streams instead of relying on one simple business model.

Waymo is closest to a pure transportation network at the top of the market. WeRide combines vehicle sales with autonomous-driving and data services. Pony.ai makes money from robotaxis, robotrucks and intelligent-driving solutions. TIER IV sells software, engineering and deployment work. Autonomous freight companies can charge directly for transport or sell technology into customer-owned fleets.

Even Einride shows how blurry the category can become. The company reported $27 million of first-half 2026 revenue across its electric, digital and autonomous freight platform, but we cannot responsibly treat all $27 million as autonomous-driving revenue.

The commercial winners these days are finding several ways to get paid while autonomy itself is still scaling.

Business model	Companies using it	What customers pay for
Robotaxi network	Waymo	Paid passenger rides
Vehicles + AV services	WeRide	Vehicles, support, data and autonomous operations
Robotaxi + trucking + systems	Pony.ai	Rides, freight and intelligent-driving products
Autonomous freight operations	KargoBot, Gatik	Freight movement and logistics capacity
AV software + engineering	TIER IV	Development, software and deployment services
Driver-as-a-Service	Kodiak	Autonomous driving technology on customer fleets
Mixed electric/autonomous freight	Einride	Transport, software, charging and autonomy

Does having more autonomous vehicles mean a startup makes more revenue?

No, fleet size can tell us whether a company is scaling physically, but it is a poor shortcut for revenue.

Pony.ai had 1,975 robotaxis at the end of Q2, while WeRide reported more than 1,800 robotaxis inside an L4 fleet of roughly 3,400 vehicles. Both companies now generate tens of millions of dollars each quarter, so fleet growth and revenue are clearly moving together there.

Kodiak gives us a very different model. It had only 35 customer-owned driverless trucks at quarter-end yet generated millions of dollars during the quarter because those vehicles are tied directly to paid industrial work.

The opposite can also happen. A large test fleet may collect huge mileage with little associated revenue if the vehicles are running demonstrations, subsidized programs or pre-commercial trials.

A vehicle count is useful operational information. Revenue tells us whether someone is actually paying enough for the deployment to build a business around it.

Why isn't Baidu Apollo Go near the top of the autonomous vehicle revenue ranking?

Apollo Go is one of the world's largest robotaxi operations, but Baidu does not disclose a clean standalone Apollo Go revenue figure.

The operating scale is huge. Baidu reported 3.2 million fully driverless rides in Q1 2026, more than 120% growth year over year, with weekly rides peaking above 350,000. Apollo Go had passed 22 million cumulative public rides shortly afterward.

More recently, Baidu said the service had expanded to 28 cities and its fleet had accumulated more than 240 million fully driverless kilometers.

We could try to multiply rides by an assumed fare, but that would create a revenue number Baidu never reported. Pricing differs by city, promotions matter and some deployments operate under different commercial arrangements.

So Apollo Go stays out of the numerical revenue leaderboard despite being one of the largest autonomous ride-hailing networks in the world. Keeping it there would require us to invent the number we are supposedly ranking.

Why aren't Tesla, Mercedes-Benz and BMW in this autonomous vehicle startup ranking?

Tesla, Mercedes-Benz and BMW are established automakers, and their company revenue tells us almost nothing about the commercial size of their autonomous-driving businesses.

Putting Tesla's total automotive revenue beside Pony.ai's robotaxi and robotruck revenue would create a huge number with almost no analytical value.

The same issue applies to Mercedes-Benz DRIVE PILOT and BMW's Level 3 systems. They prove that customers can buy vehicles with advanced automated-driving features, but neither company gives us a clean standalone revenue figure for that capability.

Our ranking therefore focuses primarily on autonomous-driving businesses where the commercial evidence can reasonably be connected to the technology we are studying.

Waymo remains an unusual case because it sits inside Alphabet but operates as a clearly identifiable standalone autonomous-mobility business.

How concentrated is autonomous vehicle startup revenue today?

Autonomous vehicle revenue remains highly concentrated, with a steep drop from the small group of leaders to everyone else.

As seen above, Waymo appears to operate at a few hundred million dollars of annualized revenue scale. The next two companies sit around $100 million of annual revenue, followed by a second group around $40–60 million.

Then the numbers fall quickly. Autonomous A2Z reported KRW16 billion in 2025, roughly $11 million. May Mobility sits around $10 million. Kodiak's latest quarter was $3.5 million.

That shape tells us more than the headline market size. Autonomous driving now has genuine commercial companies, but it still does not have dozens of startups generating hundreds of millions of dollars each.

Most of the sector remains in the gap between a technically working product and a large business.

Are the biggest autonomous vehicle startups profitable yet?

No, the leading autonomous vehicle startups are generating much more revenue than a few years ago, but losses are still enormous relative to sales.

WeRide reported an operating loss of RMB1.85 billion in 2025. Pony.ai's Q2 operating expenses alone reached $72.1 million against $36.2 million of quarterly revenue, while its net loss was $45.4 million.

May Mobility's disclosure is even more striking at a smaller scale: roughly $10 million of annual revenue alongside about $93 million of cash burn.

TIER IV also remains deeply loss-making despite rapid revenue growth. Its fiscal-year ordinary loss was ¥5.5 billion against ¥6.41 billion of revenue.

There are improvements around the edges. Pony.ai's gross margin rose to 17.5% in Q2, and several companies are getting more revenue out of each deployment. Still, the current leaders are nowhere near proving that large autonomous fleets will produce attractive company-level profits.

Which autonomous vehicle startups are growing revenue fastest right now?

WeRide and Pony.ai currently give us the clearest high-quality evidence of rapid growth at meaningful scale, while several smaller companies are also expanding quickly from much lower bases.

WeRide grew full-year revenue 89.6% in 2025 and followed that with 82.2% year-over-year growth in Q2 2026. Pony.ai's overall Q2 revenue grew 68.8%, with robotaxi services growing much faster.

Trunk Technology has also expanded sharply, going from RMB134 million of revenue in 2023 to RMB345 million two years later.

TIER IV increased fiscal-year revenue by 65.6%, while Autonomous A2Z says its 2025 revenue reached KRW16 billion, around 50% above the previous year.

Kodiak's 91% quarter-over-quarter increase looks dramatic, but the base is much smaller. That is why we would not put a $3.5 million quarterly business in the same growth conversation as a company adding tens of millions of dollars of annual revenue.

Company	Earlier revenue	Recent revenue	Growth signal
WeRide	$51.6M FY2024	$97.9M FY2025	+89.6%
Pony.ai	$21.5M Q2 2025	$36.2M Q2 2026	+68.8%
Trunk Technology	RMB134M FY2023	RMB345M FY2025	~60% two-year CAGR
TIER IV	¥3.87B FY2024	¥6.41B FY2025	+65.6%
Autonomous A2Z	~KRW10.7B 2024	KRW16B 2025	~+50%
Kodiak AI	~$1.8M Q1 2026	$3.5M Q2 2026	+91% QoQ
Einride	~$21M H1 2025 equivalent	$27M H1 2026	+26%

Which smaller autonomous vehicle startups are already making money?

Autonomous A2Z, May Mobility and Kodiak are good examples of smaller autonomous vehicle companies that have already moved into real revenue.

Autonomous A2Z reported KRW16 billion of 2025 revenue, with the company saying this was its second consecutive year above KRW10 billion. The business still earns a meaningful amount from government R&D, demonstrations and service projects, so it has not yet reached the same commercial maturity as a scaled robotaxi network.

May Mobility sits at roughly $10 million of annual revenue and has already built a sizable history of commercial rides.

Kodiak is smaller on reported revenue but more advanced in one specific way: customers are already paying for driverless freight operation through customer-owned vehicles.

The lower end of the market has changed. A startup can now generate several million dollars from autonomous-driving products or services without being anywhere close to Waymo's scale.

What separates autonomous vehicle startups making real revenue from the rest?

The autonomous vehicle startups making real revenue have usually narrowed the problem enough that someone can pay for it today.

Waymo concentrates fleets in selected metropolitan areas rather than trying to launch everywhere at once. KargoBot focuses on freight corridors. Gatik works on repeat middle-mile routes between logistics facilities and stores. Kodiak has spent heavily on industrial and freight use cases where paid vehicle hours can build before nationwide driverless trucking exists.

WeRide and Pony.ai take another route by selling several products around autonomous driving while their passenger networks scale.

TIER IV goes further upstream and gets paid for the software, engineering and deployment infrastructure other companies need to build autonomous systems.

There is no single winning business model yet. What the revenue leaders have in common is a customer who can buy something useful now, without waiting for autonomous driving to solve every road and every city.

So who are the real autonomous vehicle revenue leaders right now?

Waymo is currently the strongest candidate for the largest autonomous vehicle business by revenue scale, while WeRide and Pony.ai give us the cleanest evidence of large reported annual revenue.

Waymo's position rests partly on an estimate, so we would not present its revenue as an audited fact. Its operating scale makes the overall conclusion convincing, though: hundreds of thousands of rides each week and millions of annual rides put it well beyond the commercial footprint of most competitors.

WeRide and Pony.ai are the clearest companies to watch if we want hard financial comparisons. Their latest results show businesses approaching or moving beyond the $100 million annualized range while robotaxi revenue itself becomes increasingly meaningful.

Behind them, autonomous freight has produced a real second tier. Trunk Technology, KargoBot and Inceptio have already reached tens of millions of dollars of revenue, while Gatik has accumulated a very large contracted backlog.

Software matters too. TIER IV proves that a company can build a substantial autonomous-driving business without becoming a robotaxi operator.

The market is much more commercial today than the old picture of endless testing suggests. It is also still concentrated, messy to compare and deeply unprofitable. A handful of companies have found serious revenue; far fewer have proved that autonomous driving can become a great business.