Waymo Secures $5 Billion Loan to Expand Robotaxi Operations

Waymo closed a $5 billion loan backed by Blackstone, PIMCO and Sixth Street, giving the Alphabet-backed autonomous-vehicle company debt financing for the first time as it expands its robotaxi business in the United States, Europe and Japan.

The financing gives Waymo flexibility to strengthen its balance sheet as it scales its commercial business. 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 acted as lead bookrunner for the transaction.

Waymo raised $16 billion in equity in February at a $126 billion valuation. Dragoneer Investment Group, DST Global and Sequoia Capital led that round, while Alphabet remained the company’s majority investor. Waymo also raised $5.6 billion in a Series C round in 2024, along with $2.5 billion in 2021 and $3.2 billion in 2020.

The company now provides robotaxi services in 15 markets, including cities in California, Texas and Florida. It is testing the service in London and Tokyo and plans to launch in both cities.

The expansion is proceeding alongside regulatory scrutiny. The National Highway Traffic Safety Administration’s Office of Defects Investigation opened investigations into Waymo robotaxis passing illegally around school buses and striking a child near a school. The child sustained minor injuries after being hit at about 6 mph.

The National Transportation Safety Board opened its own investigation earlier this year after Waymo robotaxis were spotted illegally passing stopped school buses numerous times in at least two states.