Wayve Technologies Ltd., a UK-based autonomous driving software startup, is exploring the possibility of allowing its existing investors to sell shares using the country's new private securities market. The company, last valued at $8.6 billion in a February 2026 funding round, aims to utilize the trading platform for private companies operated by the London Stock Exchange Group Plc (LSEG). This move would mark the first major endorsement of the novel system, known as the Private Intermittent Securities and Capital Exchange System (PISCES).
This proposed share sale is not a fundraising round for Wayve but rather an opportunity for secondary trading, enabling early investors, employees, and other shareholders to find buyers for their existing stock. Companies using PISCES can control when trading occurs, set parameters for eligible buyers, and provide information through a permissioned disclosure process, avoiding the full public market disclosure burden.
Wayve's decision to use PISCES is significant because it is a prominent AI company with substantial backing from investors like Uber, Microsoft, Nvidia, and SoftBank Vision Fund 2. The company raised $1.2 billion in its Series D round in February 2026, part of a broader $1.5 billion capital package that valued it at $8.6 billion. A successful secondary sale by Wayve would provide a credible liquidity option in the UK before an IPO, potentially attracting other late-stage founders.
This initiative comes shortly after Wayve conducted an $85 million employee tender offer to help retain talent, giving employees a chance to cash in on their equity. Uber is also preparing to launch commercial robotaxi trials with Wayve in London this year, with plans to expand to over 10 global markets. The private market system allows companies to manage secondary sales, clean up their shareholder base, reward employees, and introduce new institutional holders without being forced into public markets prematurely.
