London’s Alternative Investment Market (AIM) is facing an existential crisis, with listings plummeting from 1,694 at its 2007 peak to just 605 in 2026, and total market value falling to £62bn from £97.5bn. Once a global leader in growth markets, AIM attracted 1,107 listings between 2001 and 2007, rivaling Nasdaq and NYSE combined. Early success stories included easyJet, Fever-Tree, and Asos.

However, tax changes, weak investor appetite, depressed valuations, private equity competition, and graduations to the main market have thinned its ranks. Only two new listings occurred in 2026, compared to 294 in 2005. The launch of Pisces, a private share trading venue, has drawn companies like Moneybox and Wayve away from AIM, offering alternative liquidity.

In response, the LSE has relaxed AIM rules—removing working capital statements, making corporate governance compliance optional, and easing international listings and reverse takeovers—to create a “funding continuum” with Pisces. Marcus Stuttard of LSEG said the changes aim to make AIM more useful for companies and investors, stressing that “we only have a market if it serves companies and investors.”.