Autonomous vehicle developer Wayve will become the first major company to trade shares on the London Stock Exchange Group's new private markets platform. The startup is launching an $85 million tender offer for employee stock, allowing staff to cash out shares in the nine-year-old business. This move tests a system designed to let private company stakeholders trade equity on specific days.

Chancellor Rachel Reeves supports the system as a way to reinvigorate UK capital markets. The government wants to attract more businesses to London after several high-profile firms sought listings elsewhere. Wayve brings significant weight to the trial, having reached a $8.6bn valuation during its February funding round, which included backing from Mercedes-Benz, Stellantis, and Nissan.

Funding remains aggressive as the company prepares its first robotaxi service in London. Recent capital injections include $1.2bn in February and another $60mn in April from chipmakers like Arm and Qualcomm. While regulatory hurdles have slightly delayed the commercial rollout, the company has already opened a waiting list for passengers to try the service with safety drivers.