Waymo, Alphabet’s autonomous driving unit, has increased its first-ever debt offering to $5 billion. The financing will support global growth, help cover rising artificial intelligence costs and fund the rapid expansion of its robotaxi fleet.
The offering initially targeted more than $3 billion. Lenders include Pimco, Blackstone and Sixth Street Partners.
The deal marks a shift for Waymo, which has historically relied on equity investments to fund its capital-intensive operations. The company provides more than 500,000 paid trips each week and aims to significantly expand its operations.