Waymo negotiates $3 billion debt financing for robotaxi expansion

Waymo, an Alphabet subsidiary, is in final negotiations to secure more than $3 billion in debt financing from private lenders. Potential investors include PIMCO, Blackstone, and Sixth Street. The planned unrated bond is expected to carry a spread of more than 500 basis points above the benchmark, with Goldman Sachs serving as an advisory bank.

This marks the company’s first major move into the debt market. While Waymo raised $16 billion in equity earlier in 2026 at a $126 billion valuation and received $5 billion from Alphabet, it continues to face financial challenges. Alphabet’s ‘Other Bets’ segment, which includes Waymo, reported an operating loss of $1.8 billion on $382 million in revenue for the second quarter of 2026.

The capital is intended to support an aggressive expansion strategy. Waymo recently launched commercial operations in Denver, San Diego, and Tampa, bringing its total presence to 15 US metropolitan areas.