WeWork is weighing an IPO through SPAC, sources say

The US-based startup is said to be considering offers from a blank check firm linked to Bow Capital Management and at least one other unnamed acquisition entity, the source said. The deal would bring WeWork’s valuation to around US$10 billion, some of the sources said.

WeWork also received offers for a new private investment round, through which the startup could stay private and use the funds to grow its business, one of the people said.

SoftBank, which has majority ownership of WeWork, will be the key player in the negotiations with merger partners or investors, according to the report.

“Over the past year, WeWork has remained focused on executing our plans for achieving profitability,” chief communication officer Lauren Fritts said. “Our significant progress combined with the increased market demand for flexible space, shows positive signs for our business.”

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The move comes after WeWork’s unsuccessful attempt to go public in 2019.