Why is AirBnB going public at the height of COVID19 when its business is badly affected?

Answer 1

THEY have no physical assets that would suffer during the pandemic. But, they do need cash flow to expand their business. An IPO would do that. 

Answer 2

Wih interest rates on savings near zero, and no more fast, quick gains in the stock market investors are willing to gamble that AirBnB is "the next big thing."

Answer 3

AirBnB doesn't own/operate any properties.  Most of their expenses are admin which was easy to slash when bookings went down.   They can adjust very quickly unlike brick & mortar hotels which are like trying to turn the Titanic.

 Many travelers feel safer in a single AirBnB unit than in a big hotel/spa/resort. 

AirBnB has been recovering quite nicely in recent months.  Covid fatigue has set in, life goes on, people must travel for whatever reason.