Navan, the business travel, payments, and expense management startup, filed on Friday afternoon to go public.
Its S-1 filing with the Securities and Exchange Commission indicates that the corporate plans to list on the Nasdaq Global Select Market under the symbol “NAVN.”
Navan reported trailing 12-month revenue of $613 million (up 32%) across over 10,000 customers, and gross bookings of $7.6 billion (up 34%), in keeping with the S-1 filing.
Goldman Sachs and Citigroup will act as lead book-running managers for the proposed offering.
Navan ranked No. 39 on this yr’s CNBC Disruptor 50 list, and likewise made the 2024 list.
The IPO market has bounced back this yr, with deal activity up 56% across 156 deals (roughly 200 IPO filings in all) and $30 billion in proceeds, up over 23% yr over yr, in keeping with IPO tracker Renaissance Capital. It has been the perfect yr for IPOs since 2021, though still far below the Covid offering boom years, when over $142 billion (2021) and $78 billion (2020) was raised by IPOs.
This yr’s deal flow has been highlighted by hot AI names like Coreweave, in addition to a few of the startup world’s most highly valued firms from the past decade, comparable to fintech Klarna and design firm Figma, crypto corporations Circle, Bullish and Gemini, and a few long-awaited IPO candidates finally hitting the market, comparable to Stubhub this week, though its shares have slumped for the reason that first day of trading. Top Amazon reseller Pattern went public on Friday.
Other startups are expected to pursue deals given the increased investor appetite.
The Renaissance IPO ETF is up 20% this yr.
Launched by CEO Ariel Cohen and co-founder Ilan Twig in 2015, Navan got down to disrupt a business travel sector where incumbents relied on clunky legacy tools and fragmented workflows.
The Palo Alto-based company, formerly called TripActions, refers to itself as an “all-in-one super app” for corporate travel and expenses.
Customers include Unilever, Adobe, Christie’s, Blue Origin and Geico.
It has also been pushing further into AI, with a virtual assistant named Ava handling roughly 50% of user interactions through the six months ended July 31, in keeping with the filing, and a proprietary AI framework called Navan Cognition supporting its platform, in addition to proprietary cloud infrastructure.
“We built Navan for the road warriors, for CEOs and CFOs who understand travel’s critical importance to their strategy, the finance teams who demand precision and control, the chief assistants juggling itineraries, and this system admins ensuring seamless events,” the co-founders wrote in an IPO filing letter.
“We saw firsthand the frustration of clunky, outdated systems. Travelers were forced to cobble together solutions, wait for hours on hold to book or change travel, and negotiate with travel agents. They struggled to stick to company policies, with little visibility into those policies, and in spite of everything that, they spent much more time on tedious expense reports after a visit. We felt the pain of finance teams struggling to achieve visibility into fragmented travel spending and to implement policies, and the frustration of suppliers unable to attach directly with the high-value business travelers they sought to serve,” they wrote within the filing.
The corporate has been preparing for an eventual IPO since last yr, when it made several key executive moves tied to the plans. Navan is backed by major investors including Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed. Navan has raised greater than $1.5 billion in enterprise funding to this point and was last valued at $9.2 billion.
Revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025, in keeping with the S-1 filing. The corporate reported a net loss that decreased 45% year-over-year from $332 million in fiscal 2024 to $181 million in fiscal 2025. Losses moved higher again by 8% in probably the most recent six month period included within the filing, from $93 million for the six months ended July 31, 2024 to $100 million for the six months ended July 31, 2025. Gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.
The business travel and expense space is crowded, with fellow Disruptors Ramp and Brex, and TravelPerk, in addition to incumbents like SAP Concur and American Express Global Business Travel.
Join for our weekly, original newsletter that goes beyond the annual Disruptor 50 list, offering a better have a look at list-making corporations and their progressive founders.
