Although these numbers are theoretical, it would value Waymo at roughly 10x Cruise, arguably their closest competitor. It would also give Waymo liquid cash (or something equivalent I assume) roughly comparable to Cruise's valuation. I also am guessing this would be more money than Alphabet has spent on Waymo and would immediately recoup their investment, not to mention that 90% upside in long term growth.
I feel like this is the partnership that might actually make self-driving cars a reality.