Waymo, the autonomous vehicle technology company under Google’s parent Alphabet, has secured a $5 billion loan from high-profile lenders including PIMCO and Blackstone to fuel its global expansion of robotaxi services.

The debt financing, Waymo’s first, comes as the company accelerates its commercial operations in existing markets while venturing into new ones in the U.S., Europe, and Japan. The company has recently launched robotaxi services in 15 U.S. cities and is testing in London and Tokyo.

Waymo, which previously relied on capital from its parent company and outside investors, raised $16 billion in equity in February, pushing its valuation to $126 billion. The company has also raised significant funding in previous years, including $5.6 billion in 2024, $2.5 billion in 2021, and $3.2 billion in 2020.

The loan is seen as a step towards Waymo becoming a “scaling commercial enterprise,” with the company emphasizing the financial flexibility it offers to capitalize on opportunities while improving road safety outcomes.

However, Waymo’s growth has not been without controversy. The National Highway Traffic Safety Administration has launched investigations into Waymo’s robotaxis for illegal behavior around school buses and for hitting a child near a school.