Waymo secures $5 billion loan to expand robotaxi operations — TechCrunch

Autonomous technology company Waymo has secured a $5 billion loan from a group of lenders that included PIMCO, Blackstone and Sixth Street. This is the first time the Alphabet-owned company has turned to debt financing, TechCrunch reports.

Lenders and financing

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 the sole lead arranger of the deal.

Waymo said the funds raised will give the company financial flexibility to strengthen its balance sheet and pursue further growth opportunities. Waymo had previously relied on capital from its parent company and external investors. In February, it raised $16 billion in equity financing, bringing its valuation to $126 billion. The round was led by Dragoneer Investment Group, DST Global and Sequoia Capital.

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Robotaxi expansion

Waymo is accelerating its commercial expansion in cities where it already operates and entering new markets in the United States, Europe and Japan. The company currently offers robotaxi services in 15 markets. Its cities of operation include Phoenix, Los Angeles, San Francisco, San Diego, Austin, Dallas, Houston, Miami, Orlando and Tampa.

The company is also testing its technology in London and Tokyo and plans to launch a robotaxi service there. Waymo began as a self-driving car project within Google, and Phoenix, where it expanded in 2016, later became its first robotaxi market.