Xos Trucks Inc. is in talks to go public through a merger with blank-check acquisition company NextGen Acquisition Corporation which could value it around $2 billion, according to people familiar with the matter. NextGen is in discussions with investors about raising financing for the deal in the form of a private investment in public equity (PIPE), the sources said. If successful, an agreement could be announced as early as February 2021, the sources added.

The sources cautioned that the negotiations could end with no agreement and asked not to be identified because the matter is confidential. Xos and NextGen declined to comment.