The Alphabet-owned company announced its first debt financing of $5 billion, arranged by Goldman Sachs and a bunch of private credit providers. Earlier this year, Waymo raised $16 billion in equity; this time its debt. As it scales its robotaxi service, Waymo needs to buy more stuff, like cars, sensors, charging stations, and depots. And banks and lenders are more willing to let the company take out loans using that stuff as collateral. At this stage of the game, paying back a loan with interest is cheaper than giving away equity. Waymo’s growing up!