Navan, a rising star in the business travel and expense management sector, has officially filed for an initial public offering (IPO), signaling its ambition to enter the public markets amid a rejuvenated appetite for tech IPOs. The Palo Alto-based company, which positions itself as an "all-in-one super app" for corporate travel, payments, and expenses, revealed its plans to list on the Nasdaq under the ticker symbol "NAVN."
Founded in 2015 by Ariel Cohen and Ilan Twig, Navan—formerly known as TripActions—has rapidly grown into a major player in a traditionally fragmented industry. It aims to streamline the cumbersome and often outdated workflows that have long frustrated corporate travelers and finance teams alike. According to its recent SEC S-1 filing, the company achieved $613 million in trailing 12-month revenue, marking a 32% year-over-year increase, supported by over 10,000 customers. Additionally, Navan reported gross bookings totaling $7.6 billion, up 34% from the previous year.
Navan’s strategy heavily incorporates artificial intelligence, leveraging a proprietary AI virtual assistant named Ava, which currently handles about half of all user interactions. Furthermore, its AI framework, dubbed Navan Cognition, alongside proprietary cloud infrastructure, underpins its platform to provide an efficient, accurate, and seamless user experience.
The company’s client roster includes major global firms like Unilever, Adobe, Christie’s, Blue Origin, and Geico, highlighting its broad adoption across industries. The startup’s founders emphasize Navan’s mission to assist “road warriors”—CEOs, CFOs, finance teams, and travel administrators—by eliminating frustrations such as opaque travel policies, tedious expense reporting, and the inefficiencies of legacy booking systems.
Despite still operating at a net loss—a common phenomenon among tech startups approaching IPO—the company is making progress toward profitability. Its net loss narrowed from $332 million in fiscal 2024 to $181 million in fiscal 2025, although there was a recent uptick in losses in the first half of 2025. Meanwhile, gross margins improved from 60% to 68%, reflecting operational efficiencies as the business scales.
Navan’s IPO filing arrives at a time when the overall market for public offerings is rebounding after a multi-year lull post-COVID boom. This year alone has seen about 200 IPO filings with $30 billion raised, a 23% increase year-over-year, driven by strong investor interest in technology and fintech companies. Navan joins a lineup of notable entrants including fintech leaders Klarna and crypto firms like Circle, as well as established startups finally going public.
Supported by heavyweight investors such as Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed, Navan has secured over $1.5 billion in venture funding to date, with its latest valuation hitting $9.2 billion. Goldman Sachs and Citigroup will spearhead the upcoming offering as lead book-running managers.
Navan operates in a competitive landscape crowded with challengers like Ramp, Brex, and TravelPerk, as well as incumbents such as SAP Concur and American Express Global Business Travel. However, with its innovative AI-driven platform and a growing user base, Navan is poised to make a significant impact on corporate travel and expense management.
As Navan prepares to soar into the public eye, it epitomizes the evolving future of business travel—integrated, intelligent, and user-centric—catering to enterprises striving for precision, control, and seamless travel experiences in a dynamic global market.
