This article examines whether the large number of school exits from the Milwaukee school voucher program is evidence of a marketplace. Two logistic regression and multinomial logistic regression models tested the relation between the inability to draw large numbers of voucher students and the ability for a private school to remain viable. Data on school enrollments and characteristics are used to test the hypotheses that schools with lower initial voucher enrollments and growth are more likely to fail. The analysis finds evidence of a marketplace; schools that experience low voucher enrollment growth are more likely to have left the program. (Contains 6 tables, 5 figures, and 3 notes.)