I am not sure if you have followed all the steps for invoking the emulator here so listing them below -
1. After building AOSP, you should have below files -
a) system.img
b) userdata.img
c) ramdisk.ing
in out/target/product.generic_x86/
2) Create AVD using avdmanager
avdmanager create avd -n a25x86 --tag google_apis -k 'system-images;android-25;google_apis;x86'
3) Run emulator with prebuilt images-
emulator @a25x86 -verbose -show-kernel -shell -engine classic
3) run the emulator with your AOSP built images -
emulator@a25x86 -verbose -show-kernel -system out/system.img -ramdisk out/ramdisk.img -initdata out/userdata.img
Regards,
Saket Sinha