The aim of this paper is to explicitly link co-design to well-being and expand the conversation about the influence of the co-design process on well-being. This paper highlights considerations for co-design researchers and practitioners interested in enhancing the value created through co-design. The authors draw from discussions in transformative service research (TSR) to better understand how co-design influences well-being. Co-design is defined as a process of joint inquiry and imagination where diverse actors share and combine their knowledge. Based on the broad definition of service set out in service- dominant logic (SDL), the authors take the position that co-design is a form of service and therefore stress the relevance of TSR to co-design. The paper identifies six dimensions of well-being discussed in TSR that extend and highlight gaps in co-design literature related to the influence of the co-design process on well-being. The authors suggest that these dimensions become a component of future evaluations of the co-design process and point to opportunities for further research related to how co-design influences well-being and supports transformation.