Waymo, Alphabet’s autonomous vehicle unit, has upsized its inaugural private debt financing to $5 billion from an initial target of more than $3 billion to fund fleet expansion and rising AI and compute costs. The deal, arranged by Goldman Sachs, attracted major private credit lenders including PIMCO, Blackstone and Sixth Street Partners, with pricing set at 5.25 percentage points above the benchmark rate and no credit rating attached. The company currently operates more than 500,000 paid rides per week across 14 to 15 US cities and targets 1 million weekly rides in 20 cities by the end of 2026, with launches planned in London, Tokyo and Munich. This debt raise allows Waymo to access capital without further diluting its shareholders, including Alphabet.
Source: Read the original article
