The structural evolution of micelles of the polymerizable surfactant omega-methacryloyloxyundecyltrimethylammonium bromide (MUTAB) during UV-initiated polymerization in aqueous micellar solution has been followed by small-angle neutron scattering. Although the micelles are short spheroids both before and after polymerization, a significant, distinct population of rodlike micelles develops during the reaction, which accounts for as much as 40 vol % of the micellized surfactant and coexists with the spheroids and dissolved monomer. These coexisting micelle populations are shown to remain in dynamic equilibrium throughout the reaction and can be understood by treating it as a ternary mixture of surfactant, amphiphilic polyelectrolyte, and water.