Autonomous vehicle startup Wayve will become the first major UK scaleup to trade shares on the London Stock Exchange Group's new Pisces private markets platform. The company plans to launch an $85m tender offer for employees' stock next Wednesday through this alternative listing system, marking Pisces's first significant test since launch.

Pisces represents LSEG's attempt to stem the flow of British tech companies pursuing overseas listings. Recent underperforming IPOs and homegrown startups opting to float abroad prompted the exchange to create this private trading window. The platform enables founders, employees and investors to sell shares on specific designated days, offering a middle ground between staying private and full public listing.

Wayve has aggressively raised capital ahead of launching its first robotaxi service in London. The company secured $1.2bn at an $8.6bn valuation in February from investors including Nvidia, Microsoft and SoftBank, then added $60m in April from AMD, Qualcomm and Arm. This funding pace reflects intense competition in autonomous vehicle development.

The self-driving race intensifies globally with Waymo in the US and Estonian unicorn Bolt partnering with Chinese AI firm Pony AI. Wayve's Pisces listing signals growing confidence in UK tech infrastructure, though whether this alternative market can compete with established exchanges remains unclear.