All
Outcomes
Market
Price
AI Fair
Value
Value
Edge
6
YesNo
12+
YesNo
10
YesNo
≤5
YesNo
11
YesNo
7
YesNo
8
YesNo
9
YesNo
AI Insights:
13 hours ago UpdatedFair Value Reasoning:
As of March 18, 2026, Waymo has 5 fully public cities (Phoenix, SF, LA, Austin, Atlanta), with Miami (launched Jan 2026) widely considered operational, setting the baseline at 6 cities. On Feb 25, 2026, Waymo launched in Dallas, Houston, San Antonio, and Orlando (the 'Big 4') but explicitly stated these are currently for 'invited users' with full public access coming 'later this year.' The market rules strictly exclude 'invite-only' services. With only 3.5 months until the June 30 deadline, converting all 4 cities to fully public status is highly ambitious given historical precedents (e.g., LA took 8 months). The market's 35.5c price for '12+' is irrational, as it implies the 'Big 4' will fully open PLUS 2 additional cities (e.g., DC, Vegas) will launch and open publicly in <100 days. Fair value heavily favors '6' (Big 4 remain invite-only) or '10' (Big 4 open fast).
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Arbitrage|Low Risk
Arbitrage Plan:
Buy No on '12+'
Plan Description:
The '12+' option is trading at 35.5c, implying a 35% chance Waymo doubles its city count in 100 days. This would require: 1. The 'Big 4' (Dallas, Houston, SA, Orlando), currently in invite-only mode, to fully open to the public by June 30; AND 2. At least 2 additional new cities (e.g., DC, Vegas) to complete the entire cycle of 'Announce -> Launch -> End Invite Period -> Fully Public' within this window. Given Waymo's historical methodical pace, the probability of this perfect storm is extremely low (<5%). Buying No (Cost 64.5c) offers a high-probability yield.Sign up to view more information
Arbitrage: 35¢
|Annualized yield: 195%
Divergence
The main divergence lies in the interpretation of the 'Publicly Available' rule. The market price (12+ at 35c) implies that traders count the recently announced 'Big 4' cities (Dallas, Houston, etc.) as valid or imminent, expecting even more. However, official news and mainstream media (AP News, Electrek) explicitly state these new cities are currently 'invite-only' with full access coming 'later this year.' The market is severely underestimating the time required to transition from invite-only to fully public, and ignoring the strict rule excluding invite-only services.