Alphabet's Other Bets segment — which includes Waymo, Verily, Wing, Calico, Intrinsic, and others — generated $1.5B revenue in FY2025 against $7.5B in operating losses. Excluding Waymo (which dominates the losses), Other Bets are a mix of early-stage ventures at various maturity stages.
Wing drone delivery is the most commercially advanced: 750K+ deliveries, 2M+ customers, volume tripling in H2 2025, with Walmart expanding coverage to 150 stores targeting 270 by 2027. Verily is transitioning to standalone 'Verily Health Inc.' with Alphabet becoming a minority investor ($3.5B total funding). Calico suffered a setback when its lead ALS drug failed Phase II/III and AbbVie terminated collaboration, though it retains 5 clinical and ~20 preclinical candidates. Intrinsic (robotics) joined Google proper in February 2026, gaining access to Gemini models and forming a Foxconn JV for US factory automation. The segment is a net value detractor today but contains option value if any bet scales.
Key open question
What is a realistic standalone valuation for Wing drone delivery given 750K cumulative deliveries but no disclosed revenue?
What is a realistic standalone valuation for Wing drone delivery given 750K cumulative deliveries but no disclosed revenue?
Alphabet's non-Waymo Other Bets represent a portfolio of early-stage technology ventures at varying levels of commercial maturity. Wing (drone delivery) is the furthest along commercially: 750K+ deliveries, 2M+ customers, delivery volume tripled in H2 2025 vs H1, with Walmart expanding coverage to 150 stores (40M potential customers) targeting 270 locations by 2027.
Verily (health tech) is transitioning to standalone 'Verily Health Inc.' with $300M new investment and Alphabet becoming a minority investor ($3.5B total funding, estimated $100-500M annual revenue). Calico (aging/longevity) suffered a major setback when its lead ALS drug fosigotifator failed Phase II/III (January 2025) and AbbVie terminated collaboration (November 2025), though it retains 5 clinical and ~20 preclinical candidates. Intrinsic (robotics) moved from Other Bets to Google proper in February 2026, integrating with Gemini/DeepMind and forming a Foxconn JV for factory automation. Collectively, Other Bets (excluding Waymo) represent minimal current value but contain long-dated option value in drone logistics, health tech, and longevity research.