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Acrobatic acts have attracted audiences for centuries. Despite a history of injury and death, performers remain driven to push physical boundaries and audiences remain eager to witness risky feats. This thesis introduces the concept of risk as a performative construct, and draws on reception theory to consider the use of physical risk in performance. It follows the development of aerialism in the circus from nineteenth-century England to twentieth-century America, and examines the ways in which a growing investment with risk management has shaped contemporary circus acts. It interrogates the perception of risk, and the limits of its appeal. It then explores how acrobatics have been used in the theatre as a mode of dramatic expression. Ultimately, it argues that physical risk-taking in performance holds the potential to deeply connect performers and spectators in a shared sensation of success, evoking a communal sense of possibility in the face of perceived limitation. [author summary]