Waymo closes $5 billion term loan in first-ever debt financing

Waymo has closed a $5 billion term loan, its first debt financing, arranged by Goldman Sachs with participation from PIMCO, Blackstone, Apollo and other major credit investors. Neither Alphabet nor Waymo's equity partners provided a guarantee, and the loan was upsized during the process.

• $5 billion term loan arranged by Goldman Sachs, upsized during the deal
• No corporate guarantee from Alphabet or Waymo's equity partners
• Waymo previously raised $16 billion in equity at a ~$126 billion valuation
• Targets 1 million paid rides per week by the end of 2026