Waymo closes $5B loan to fund robotaxi expansion

Waymo has closed a $5 billion loan from a group of lenders including Blackstone, PIMCO and Sixth Street. The autonomous vehicle company, owned by Google parent Alphabet, said the financing is its first debt deal.

Other lenders include Capital Group, Loomis Sayles, T. Rowe Price, Apollo, Blue Owl, Diameter Capital Partners, Franklin Templeton, Fidelity Management & Research Company, HPS Investment Partners and Oaktree. Goldman Sachs served as sole lead bookrunner.

Waymo said the loan will give it financial flexibility as it expands its commercial service. The company now offers robotaxi rides in 15 markets and is testing in London and Tokyo, where it plans to launch. It has said it is accelerating expansion in existing cities while entering new markets in the United States, Europe and Japan.

Until now, Waymo has relied on funding from Alphabet and outside investors. In February, it raised $16 billion in equity at a $126 billion valuation. Alphabet remained its majority investor. Waymo also raised $5.6 billion in 2024, $2.5 billion in 2021 and $3.2 billion in 2020.

The company’s growth has drawn regulatory scrutiny. Federal safety investigators have opened investigations involving Waymo robotaxis and school buses, including reports of illegal passing, and a separate investigation followed a robotaxi striking a child near a school. The child sustained minor injuries; the vehicle was traveling about 6 mph, according to the source.