Lilium GmbH is in talks to go public through a merger with Qell Acquisition Corp. (NasdaqCM:QELL), a special purpose acquisition company, according to people with knowledge of the matter. Qell has begun discussions to raise new equity for a transaction to value the combined entity at more than $2 billion, said one of the people, who requested anonymity.

As with any deal that hasn't been finalized, it's possible terms change or talks fall apart.