Wayve launches $85M employee tender on LSE Pisces platform, first major test of UK private markets system

Autonomous vehicle startup Wayve is conducting an $85 million secondary share sale on the London Stock Exchange's new Private Intermittent Securities and Capital Exchange System (Pisces) platform, scheduled for July 8. The transaction is the first high-profile use of the UK's groundbreaking private markets infrastructure and marks Wayve's second employee liquidity event, letting staff sell vested equity to approved investors without triggering a full public listing.

Wayve raised $1.2 billion in February at an $8.6 billion valuation from backers including Nvidia, Microsoft, SoftBank, and Uber, followed by a $60 million April round from AMD, Arm, and Qualcomm. The company has doubled its workforce to 1,200 over the past year and is preparing its first commercial robotaxi service in London later this year, with plans to expand to 10+ markets globally. CEO Alex Kendall framed the tender as critical for retaining talent while offering early investors partial liquidity before any eventual IPO.

Pisces, developed under UK government capital markets reform, allows private companies to auction shares on scheduled trading days, bridging the gap between venture funding and public listings. Wayve's use validates the platform's credibility with late-stage AI companies seeking liquidity without rushing to float. Success here signals UK policymakers may finally have a tool to keep fast-growing tech firms tethered to London as they mature.