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World desk3 min

From Anthropic to Waymo: Kleiner Perkins Bets on AI’s Next Act

Kleiner Perkins’ AI thesis stretches from frontier models such as Anthropic to physical AI such as Waymo. The available interview synopsis is brief, while Waymo’s reported operations offer a concrete example of autonomy at scale.
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Kleiner Perkins’ AI outlook spans frontier models, consumer agents, autonomous vehicles and robotics. A Bloomberg Tech interview synopsis reports partner Ilya Fushman discussing those areas and the possibility that physical AI could produce very large companies. The firm’s public materials give that thesis a concrete example in Waymo, which it describes as approaching infrastructure-scale autonomy. But the available interview account is a synopsis, not a transcript, so it does not establish Fushman’s full reasoning or specific forecasts.

What Kleiner Perkins is betting on next

In a Bloomberg Tech interview hosted by Ed Ludlow, Kleiner Perkins partner Ilya Fushman discussed AI as a technology still early in its economic impact. The available MT Newswires synopsis describes an investment landscape that reaches from frontier-model companies such as Anthropic to consumer agents, autonomous vehicles and robotics. It also reports a more optimistic view of IPO and merger-and-acquisition markets. Source

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The synopsis says physical AI could be a potential source of very large companies, but it does not specify a forecast, timeline or definition of company size. It contains no direct quotation from Fushman. Treat the broad areas as the reported themes of the conversation, not as a detailed investment roadmap or a numerical prediction.

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Why Anthropic and Waymo represent different parts of the thesis

Anthropic and Waymo illustrate distinct forms of AI opportunity. Frontier-model AI is primarily software: investors may assess model capabilities, access, computing requirements and commercial adoption. Physical AI applies AI to systems that act in the real world. For autonomous driving, that makes operating territory, ride volume, autonomous miles, financing and safety evidence relevant measures.

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Kleiner Perkins publicly lists Anthropic in its portfolio as a 2025 growth-stage partnership. Its Lucas Oliveira profile lists both Anthropic and Waymo among his investments. These materials show the firm’s involvement with companies across both areas, but they do not establish comparable economics or show that one investment is a direct bet against the other. Anthropic portfolio listing Lucas Oliveira profile

Waymo is the clearest physical-AI example

Kleiner Perkins partners Mamoon Hamid, Nadia Cochinwala and Lucas Oliveira argued in a February 2, 2026 investor perspective that Waymo was nearing infrastructure-scale significance: “We believed that the most important technology shifts become infrastructure, and Waymo is crossing that threshold.” That is the firm’s investment thesis, not an independent assessment. Kleiner Perkins’ perspective

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Waymo’s February 2, 2026 financing announcement provides a snapshot of the company’s scale and investor backing. The company said it raised $16 billion at a $126 billion post-money valuation and named Kleiner Perkins among additional investors. Waymo financing announcement

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Measure What Waymo reported How to read it
Rides in 2025 15 million Company-reported annual ride volume
Lifetime rides More than 20 million Company-reported cumulative rides
Weekly service Over 400,000 rides across six major U.S. metropolitan areas Company-reported operating volume and geography
Autonomous operation 127 million miles Company-reported mileage; not independently assessed here
Serious-injury crashes 90% reduction Waymo’s reported comparison; not an independent safety finding

The ride figures and safety and mileage claims above were reported by Waymo in February 2026. They indicate that the company is operating a service at meaningful scale, but the figures alone do not establish profitability, performance across every operating condition or how its safety compares with other providers. Waymo’s 90% serious-injury crash reduction should therefore be understood as the company’s claim, not as a separately verified conclusion. Waymo operating and safety figures

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What the evidence does—and does not—show

There are three different perspectives in this story: the interview synopsis reports the subjects Fushman discussed; Kleiner Perkins presents its own view of Waymo’s path toward infrastructure status; and Waymo reports its operating, safety and financing figures. Keeping those perspectives separate prevents an investor thesis or a company metric from being mistaken for an independently established fact.

Waymo’s financing and reported service volume help explain why autonomy can be discussed as more than a technical demonstration. They do not, by themselves, prove that autonomous mobility will become infrastructure, that its economics will work at scale or that physical AI will produce a company of any particular size. The accessible synopsis does not provide the full interview argument needed to evaluate those predictions in detail.

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Another Kleiner Perkins portfolio example is Applied Intuition, which the firm describes as building vehicle software spanning autonomy, operating systems and infrastructure for on-road and off-road applications. It illustrates that the firm’s physical-AI context can include enabling software as well as end-user services; it was not identified as a subject of the Fushman interview synopsis. Applied Intuition portfolio description

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Broader investing context

TechCrunch reported in 2026 that Kleiner Perkins raised $3.5 billion across two funds: a $1 billion early-stage fund and a $2.5 billion growth vehicle. That is context for the firm’s investment activity, not evidence that all of the capital is earmarked for AI. TechCrunch report

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