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Uber Seeks Funding from Banks and Private Equity to Expand Robotaxi Business

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Uber CEO Dara Khosrowshahi revealed that the company is in discussions with private equity firms and banks to secure financing for the expansion of its robotaxi operations. This move aligns with Uber’s strategy to scale up its autonomous vehicle business amid growing competition and interest in self-driving technology.

Uber currently offers robotaxi rides through a partnership with Alphabet-owned Waymo and is deepening ties with automakers such as Volkswagen and Lucid to increase its fleet of autonomous vehicles. The company’s robotaxi business model includes three approaches: charging fixed rates to vehicle-owning partners, revenue sharing with fleet operators, and owning vehicles while licensing the self-driving software.

Khosrowshahi emphasized that once Uber demonstrates the revenue potential per vehicle, attracting additional financing will be easier. Presently, the company plans to allocate a “modest” part of its roughly $7 billion annual cash flow towards robotaxi deployment and may also consider selling minority stakes to fund expansion.

Industry analysts note that scaling robotaxi services could significantly reduce Uber’s reliance on human drivers, lowering costs and boosting profitability. Uber’s robotaxi offerings are live in Austin, Texas, and Atlanta, Georgia. In April, Uber signed a deal with Volkswagen to deploy thousands of autonomous electric vans across the U.S. over the next decade. Additionally, a $300 million partnership with Lucid and Nuro will enable Uber to deploy more than 20,000 autonomous taxis over six years.

Despite regulatory challenges, market skepticism, and high costs that have led some companies to scale back autonomous vehicle projects, Uber, Tesla, and Waymo continue to push robotaxi adoption, with Tesla and Waymo expanding services in key U.S. cities such as Austin, San Francisco, and beyond.

Ken Mahoney, CEO of Mahoney Asset Management, commented on the market potential, noting that many companies see the robotaxi sector as a promising growth area with a large total addressable market.

Apollo Acquires Majority Stake in Stream Data Centers to Capitalize on AI-Driven Infrastructure Growth

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Apollo has agreed to buy a majority interest in Stream Data Centers (SDC) as part of a strategic bet on the booming demand for digital infrastructure driven by artificial intelligence and cloud computing. Data centers, critical hubs housing computing hardware, are expected to see global spending of up to $6.7 trillion by 2030, according to McKinsey.

Stream Data Centers specializes in building, leasing, and managing large-scale data center campuses. It has completed over 20 projects and has an extensive pipeline with multi-gigawatt capacity. Apollo aims to scale SDC to become a key partner for major hyperscalers like Amazon, Microsoft, and Google, who increasingly rely on third-party developers for land acquisition, regulatory approvals, and power sourcing for their data centers.

Apollo partner Trevor Mills emphasized the ongoing and diverse demand from hyperscalers requiring collaboration with external developers. This investment aligns with rising capital expenditures by tech giants — Meta recently raised its annual spending forecast by $2 billion to as much as $72 billion, Microsoft plans over $30 billion in its fiscal first quarter, and Alphabet increased its 2024 capex target to $85 billion, with further rises expected to meet AI demands.

While financial terms were not disclosed, Apollo’s president Jim Zelter highlighted that data centers will need $1.5 trillion in external financing by 2030, with private credit accounting for $800 billion — a space where Apollo leads. The International Energy Agency forecasts electricity demand for data centers will more than double by then, surpassing Japan’s current total consumption.

Other major asset managers like Blackstone, KKR, and BlackRock have also committed billions to data center investments, underscoring the sector’s growing importance. Stream Data Centers’ management will retain a minority stake and continue running operations post-deal.

Blackstone to Acquire Energy Data Firm Enverus in $6.5 Billion Deal

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Blackstone, the world’s largest alternative asset manager, announced on Wednesday it has agreed to acquire energy data and analytics provider Enverus. Sources indicate the deal could be valued at up to $6.5 billion if Enverus meets certain financial targets, with Blackstone committing between $6.1 billion and $6.4 billion for the acquisition. The transaction is expected to be partly financed by approximately $3 billion in debt.

This acquisition marks a sign of revival in private equity dealmaking following a slowdown caused by economic uncertainties and tariffs. Blackstone’s President Jonathan Gray recently noted that the “dealmaking pause was behind us.”

Enverus, based in Austin, Texas, provides analytics and benchmark data to over 8,000 customers worldwide, spanning energy producers, suppliers, utilities, and power companies. Founded in 1999, it leverages AI and real-time intelligence in the energy sector—a focus highlighted by Enverus CEO Manuj Nikhanj, who called the partnership a “launchpad” for growth.

Blackstone’s investment follows its recent moves in energy, including the acquisition of a large natural gas power plant in Virginia earlier this year. The deal, expected to close by the end of 2025, was advised by RBC Capital Markets and Simpson Thacher & Bartlett, while Citi, Morgan Stanley, and Kirkland & Ellis advised Enverus and its current owner Hellman & Friedman.

Hellman & Friedman, which acquired Enverus in 2021 for $4.25 billion, initiated the current sale process, drawing interest from multiple buyout firms.