Waymo closed a $5 billion term loan, marking the autonomous driving company’s first debt financing as it continues expanding its commercial operations in the United States and internationally. PIMCO, Blackstone, and Sixth Street participated as lead syndicated lenders in the financing. Capital Group, Loomis Sayles, and T. Rowe Price also participated as significant lenders.
Additional lenders included Apollo, Blue Owl, Diameter Capital Partners, Franklin Templeton, Fidelity Management & Research Company, HPS Investment Partners, and Oaktree.
Goldman Sachs served as the sole lead bookrunner for the transaction.
The debt financing follows a $16 billion equity investment Waymo closed earlier in 2026 to accelerate the expansion of the Waymo Driver and the company’s autonomous ride-hailing business.
Waymo said the addition of debt capital gives it greater financial flexibility while strengthening its balance sheet as it scales its operations.
The company has been expanding its commercial footprint rapidly and recently launched service in its 15th U.S. city.
Waymo has also announced plans to enter additional international markets as it looks to extend its autonomous driving technology beyond the United States.
The company said proceeds from the term loan will support the continued expansion of its fully autonomous ride-hailing service across domestic and international markets.
Waymo’s ability to raise debt represents another step in its transition from a technology development operation into a larger commercial transportation business.
The company has historically relied heavily on equity capital to finance development of its autonomous driving technology, fleet operations, mapping infrastructure, vehicle integration, and geographic expansion.
Adding a large term loan provides Waymo with another source of capital as it increases fleet deployments and enters additional cities.
Waymo said its growing commercial momentum allowed it to complement its equity financing with debt while preserving flexibility for future growth opportunities.
The financing also brings a broad group of major institutional credit investors onto Waymo’s capital structure, including alternative asset managers, traditional investment managers, and private credit firms.
Waymo said it intends to continue scaling its autonomous ride-hailing network while maintaining its focus on road safety and transportation accessibility.
The company’s Waymo Driver technology operates vehicles without a human driver and is designed to support fully autonomous passenger transportation.
As the company expands, capital requirements could include additional vehicles, fleet facilities, charging and maintenance infrastructure, technology development, and the operational resources required to support new markets.
Waymo described the financing as an important milestone in its development as a scaling commercial enterprise and said the additional capital will help it move faster while expanding thoughtfully.
KEY QUOTES:
“Our strong momentum has enabled us to complement our equity financing with debt, providing additional financial flexibility to strengthen our balance sheet and position us to capitalize on the significant opportunities ahead.”
“This financing supports our long-term flexibility to execute with speed, scale thoughtfully, and continue leading the autonomous vehicle industry responsibly. As Waymo grows, we remain fiercely focused on improving road safety and making transportation more accessible.”
Steve Fieler, CFO of Waymo
