WeWork's rise and collapse (2019-2023)
WeWork reached a $47 billion private valuation in January 2019, then failed its IPO that September. Governance scandals around founder Adam Neumann fueled the collapse; the company filed for Chapter 11 bankruptcy in November 2023.
WeWork reorganized under its lenders and shed most of its leases.
The collapse made investors wary of coworking, leaving smaller operators to rebuild trust in the category.
Switchyards built its model in direct contrast to WeWork: small clubs, cash memberships, no corporate focus. Its Chicago growth tests whether coworking works at neighborhood scale.
