Investing.com -- Waymo is close to securing its first debt financing, with Pacific Investment Management Co. and other lenders set to provide more than $3 billion to Alphabet Inc.'s autonomous driving unit, Bloomberg reported on Wednesday.

Blackstone Inc. and Sixth Street Partners are also participating in the loan, the report said. The unrated debt could carry a spread of more than 500 basis points above the benchmark rate.

Goldman Sachs Group Inc. is reportedly advising Waymo on the transaction, which could be completed within days. Terms may still change as talks continue.

The company has previously relied on equity funding, raising $16 billion earlier this year at a $126 billion valuation. The shift to debt financing comes as Waymo expands its driverless fleet and faces increasing artificial intelligence costs.

Last month, Waymo announced it had developed a custom chip to enhance robotaxi performance. The company aims to operate 1 million paid weekly rides across 20 cities globally this year.