Waymo Closes $5 Billion Term Loan, Its First Debt Financing

Waymo has closed a $5 billion term loan, its first debt financing, to expand its fully autonomous ride-hailing service in the US and abroad. PIMCO, Blackstone and Sixth Street are the lead lenders, with Goldman Sachs serving as sole bookrunner.

The funding marks Waymo's first move into debt markets. According to digitaltoday.co.kr, the company intends to use the proceeds to scale its autonomous ride-hailing operations both domestically and overseas.

Earlier funding and expansion

Earlier this year, Waymo closed a $16 billion equity investment to accelerate the expansion of the Waymo Driver. Last month, the company launched service in its 15th US city and unveiled new overseas expansion plans.

Waymo is not yet profitable in its autonomous vehicle business, a fact that underscores the capital-intensive nature of scaling driverless operations.