Navan Seeks IPO Amid Corporate Travel Rebound

Navan, the business travel, expense management and payments startup, has officially filed for an IPO, signaling confidence in market conditions and a desire to further capitalize on the resurgence of business travel. The company’s S-1 filing with the Securities and Exchange Commission, made public Friday afternoon, reveals its intention to list on the Nasdaq Global Select Market under the ticker symbol “NAVN.” Goldman Sachs and Citigroup are slated to act as lead book-running managers for the offering.

The IPO filing occurs amidst a cautiously optimistic environment for new listings. The IPO market has seen a resurgence this year, with improved deal activity, signifying improving investor sentiment. Renaissance Capital data indicates a 56% increase in deal activity across 156 deals (around 200 IPO filings in total), reaping $30 billion in proceeds – a year-over-year increase of 23%. While this represents the strongest performance since 2021, it remains below the exuberant heights of the pandemic-fueled offering boom.

Recent high-profile IPOs have included AI-centric companies such as Coreweave, alongside established unicorns like Klarna, Figma, and StubHub. This demonstrates a renewed appetite for both emerging technologies and companies with proven business models.

Navan’s S-1 filing showcases a compelling growth narrative, reporting trailing 12-month revenue of $613 million, representing a 32% year-over-year increase. Gross bookings for the same period reached $7.6 billion, a 34% increase, supported by a customer base of over 10,000. These figures underscore the company’s success in capturing market share within the competitive business travel and expense management landscape. Navan was previously recognized as a CNBC Disruptor, further validating its innovative approach.

Founded in 2015 by Ariel Cohen and Ilan Twig, Navan, formerly known as TripActions, aimed to modernize the often-cumbersome world of corporate travel. Targeting inefficiencies inherent in legacy systems and fragmented workflows, Navan positions itself as an “all-in-one super app” for corporate travel and expenses. Its client roster includes prominent names such as Unilever, Adobe, Christie’s, Blue Origin, and Geico, reflecting its appeal to a diverse range of businesses.

Navan has also been actively integrating artificial intelligence into its platform. The company’s S-1 filing highlights the role of its virtual assistant, Ava, which handled approximately 50% of user interactions during the six months ending July 31. Moreover, the company leverages a proprietary AI framework, Navan Cognition, and its own cloud infrastructure to optimize its services. This strategic investment in AI underscores Navan’s commitment to enhancing user experience and driving operational efficiency.

According to the S-1 filing, revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025. The company reported a net loss that decreased 45% year-over-year from $332 million in fiscal 2024 to $181 million in fiscal 2025. Gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025. The shrinking losses combined with margin improvement suggest the company is heading towards profitability, a point that will likely be scrutinized by investors during the IPO roadshow.

The business travel and expense management sector is notably competitive, featuring established players like SAP Concur and American Express Global Business Travel, along with emerging disruptors such as Ramp, Brex, and TravelPerk. Navan’s success will depend on its ability to differentiate itself through superior technology, exceptional customer service, and continued innovation in AI and automation.

The Renaissance IPO ETF is up 20% this year, signaling increased optimism in the IPO landscape.