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Wayve to Be First Major Trade on LSEG's PISCES Market

July 1, 2026 at 14:20 EDT

Funding & M&A
Robotics

UK self-driving startup Wayve is set to become the first major company to trade on the London Stock Exchange Group's (LSEG) new private equity venue, the Private Securities Market. The company plans an $85M tender offer for employees, enabling their shares to be sold on the platform in early July.

UK Private Markets · Wayve

Wayve to Anchor Britain's New Private Share Market

The $8.6bn self-driving start-up is preparing a ~$85m secondary sale on LSEG's Private Securities Market — the first major test of the UK's new PISCES framework, a liquidity bridge between funding rounds and an IPO.

$8.6B

Post-money valuation (Series D, Feb 2026)

$1.2B

Series D raise (~$1.5bn package)

~$85M

Reported PSM secondary sale size

Valuation vs. the sale on the block

The secondary sale is a sliver of the whole — a liquidity event, not a full listing.

$8.6B

Company valuation

~$85M

Shares up for sale (~1%)

What PISCES is

A regulated platform for intermittent trading of private company shares — liquidity between big venture rounds and a full IPO, aimed at keeping UK tech from moving abroad.

Periodic auctions

Intermittent trading events, not continuous

Tax-exempt

No Stamp Duty / SDRT; lower cost

Eligibility

£10m raised in 3 yrs; £20m+ assets

FCA approval

Aug 2025

PSM cleared to run under PISCES

Sandbox period

Until Jun 2030

Wayve would be flagship participant

The upside

First major endorsement of the new UK market
End-to-end "AV2.0" AI Driver — mapless, camera-centric, strong urban generalisation
Uber rollout of robotaxis in London during 2026, scaling to 10+ markets

The caveats

Deal still needs a shareholder vote — not finalised
PISCES use so far concentrated in smaller firms
Rollout starts with safety drivers; regulatory track record still to build

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