Waymo locks in $5B loan from Blackstone, PIMCO to fuel robotaxi expansion
This is the first time the Alphabet-owned company has turned to debt financing.
Waymo, Google's autonomous vehicle arm, has secured a $5 billion loan from a consortium of lenders, including PIMCO, Blackstone, and Sixth Street, to fuel its expansion of robotaxi services. This marks the company's first debt financing and follows its recent commercial push into existing cities and new markets, including Europe and Japan.
The loan, described as crucial to Waymo's evolution into a scaling commercial enterprise, comes after the company raised $16 billion in equity in February, boosting its valuation to $126 billion. Alphabet, the parent company, maintains a majority stake in Waymo, while Goldman Sachs acted as the lead bookrunner for the loan. Despite its growth, Waymo has faced scrutiny from regulators, with the National Highway Traffic Safety Administration investigating illegal activities involving Waymo's robotaxis near school buses and a hit involving a child.
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