What I'm talking about is that is still considered an external capital raise for the purpose of the markets and where those assets sit on the balance sheet.

Also, keep in mind the Alphabet doesn't fully own Waymo. I don't know the percentage ownership of hand, but that also feels like it's probably a prorated investment based on ownership so Alphabet doesn't reduce its voting control.

That's what I'm talking about.

Yes and what matters the most is what Waymo has been signaling for years. They don’t want the capex (owning and running the physical cars). I don’t know the intent of this raise but you have to realize companies may have a good asset but they don’t want to own it 100% for a multitude of reasons. Some of them could be as simple as wanting to get other investors involved and comfortable with the asset to maybe take on larger roles in future rounds. Or in this case potentially running the car part of the business.

This is why you are not the finance guy.

My finance people care about the cents, a ROI of 7% is average but at 8.5% and now you are a world class asset of that inventory type. That’s sometimes the difference of a few hundred k out of 20m but they would not take the deal if it is slightly over due to their risk appetite.

The 3b external either matters a ton to fit their risk models OR they are doing a favor to an outside party. Probably a bit of both.

three billion here, three billion there, pretty soon it begins to add up to real money