Alphabet's autonomous vehicle unit Waymo is negotiating its inaugural debt financing, aiming to secure more than $3 billion from a consortium of lenders including Pacific Investment Management Co. (Pimco), Blackstone Inc., and Sixth Street Partners. The transaction, advised by Goldman Sachs Group Inc., is expected to close within days. Lenders are anticipated to receive a spread exceeding 500 basis points above the benchmark rate, with the debt carrying no credit rating. This strategic shift from Waymo's traditional equity-based funding, which saw it raise $16 billion this year at a $126 billion valuation, is intended to support the expansion of its driverless fleet and cover increasing AI expenses. Waymo targets reaching 1 million paid rides per week across 20 cities globally by year-end.