Navan, a prominent provider of corporate travel and expense management software, is targeting a market capitalization of up to $6.5 billion in its upcoming initial public offering (IPO), as revealed in a recent regulatory filing. The company plans to offer shares priced between $24 and $26 each, which is approximately $3 billion lower than the estimated valuation set by private investors during a $300 million funding round in 2022.
Following a prolonged lull in technology IPOs, 2025 has seen a revival, with companies like CoreWeave, Circle, and Figma making notable entries into the public market. Navan, initially founded as TripActions in 2015 by CEO Ariel Cohen and technology chief Ilan Twig, filed its original prospectus on September 19 and is set to trade on the Nasdaq under the ticker symbol “NAVN.”
However, the IPO landscape is complicated by the recent U.S. government shutdown, which has significantly impacted operations within various agencies, including the Securities and Exchange Commission (SEC). Despite this, the SEC’s electronic filing system, EDGAR, remains operational as long as contractor funding is secure. This shutdown has already prompted some companies, such as Cerebras, to withdraw their IPO applications.
Navan, which is headquartered in Palo Alto, California, reported a net loss of $38.6 million on revenue of $172 million for the July quarter, marking a 29% revenue increase year-over-year. As it prepares for its IPO, Navan faces competition from established players like Expensify, Oracle, and SAP. Notably, Expensify’s stock struggled recently, closing at $1.64 on Friday, a significant drop from its $27 IPO price in 2021.
In addition to its IPO aspirations, Navan secured a spot on CNBC’s 2025 Disruptor 50 list, reinforcing its position as a key player in the tech industry. As the company moves toward its public debut, it reflects a positive trend in the tech sector’s return to IPOs and the ongoing innovation in corporate travel solutions.