IPO

Navan, formerly TripActions, a corporate travel and expense management platform, went public on Nasdaq (NAVN) with a $6.2 billion valuation following a $923 million IPO. Shares dipped 20% despite pricing at $25, the midpoint of its range, which was lower than its $9.2 billion 2022 private valuation. Navan distinguishes itself with AI integration and a focus on traveler experience, boasting clients like Geico and OpenAI. It reported strong revenue growth but also a recent quarterly net loss, making profitability a key focus.

Miluna Acquisition Corp (MMTXU) priced its IPO of 6,000,000 units at $10.00 each, aiming to raise $60 million. Units, comprising one ordinary share and one warrant, are expected to begin trading on Nasdaq on October 23, 2025. The IPO is expected to close on October 24, 2025. D. Boral Capital LLC and ARC Group Securities LLC are joint book-running managers, with a 45-day over-allotment option. The company will seek a business combination, excluding targets primarily based in China.

Upgrade, a fintech startup led by LendingClub’s founder, secured $165 million in funding, raising its valuation to $7.3 billion. Led by Neuberger Berman, this round marks Upgrade’s first capital raise since 2021, driven by its positive cash flow. Initially a personal loan provider, Upgrade has expanded to include diverse financial services like BNPL (through its Uplift acquisition). With annualized revenue exceeding $1 billion, Upgrade is considering an IPO within 12-18 months to bolster its balance sheet and provide employee liquidity. They are focusing on streamlining customer experience and targeting growth in home improvement and auto financing.

BETA Technologies filed for an IPO, aiming for a $7.2 billion valuation and seeking to raise up to $825 million. The electric aircraft manufacturer’s move comes amid growing investor interest in the eVTOL sector, fueled by government initiatives and partnerships. While BETA’s revenue doubled in the first half of 2025, net losses also widened. A $300 million investment from GE Aerospace signals confidence. BETA differentiates itself with cargo applications. The IPO’s success hinges on navigating regulations, scaling production, and achieving profitability.

Nscale, a UK-based AI cloud infrastructure provider, confirmed it is considering an IPO, aiming for a listing potentially in late 2025. This follows a $14 billion deal with Microsoft, part of a larger $23 billion agreement for Microsoft to acquire around 200,000 Nvidia GB300 GPUs. This deal, combined with previous funding rounds including a $1.1B Series B, highlights Nscale’s rapid growth driven by the increasing demand for AI infrastructure. Investors include Dell, Nvidia and Nokia. The potential IPO could significantly impact the European tech and AI ecosystem.

Phoenix Education Partners, Inc., parent company of the University of Phoenix, announced the pricing of its IPO at $32.00 per share on October 8, 2025. The offering comprises 4,250,000 shares of common stock. Trading is expected to begin under the ticker “PXED” on the NYSE on October 9, 2025. Morgan Stanley and Goldman Sachs are lead book-running managers. The IPO signifies investor confidence in online education and Phoenix Education’s strategic direction. The company, established in 1976, aims to further innovate in curriculum and technology to maintain its position in the sector.

Firefly Aerospace (FLY) stock rose 12% after announcing the acquisition of defense contractor SciTec for $855 million in cash and stock. The purchase aims to boost Firefly’s national security capabilities, integrating SciTec’s software for advanced missile warning and autonomous control. This follows a recent stock dip after a rocket test explosion. Firefly, which went public earlier this year, also has secured significant NASA and Northrop Grumman contracts. SciTec will operate as a Firefly subsidiary post-acquisition, providing immediate access to defense technologies.

Palantir’s stock has surged over 1700% since its 2020 direct listing, transforming it into a tech powerhouse with a market cap exceeding $432 billion. Fueled by government contracts and its AI platform (AIP), revenue and customer base have grown dramatically. Despite ethical concerns and high valuation multiples that have drawn criticism, CEO Alex Karp remains optimistic, projecting Palantir to be a pivotal software company. AIP drives commercial expansion, attracting clients like Wendy’s and American Airlines, while its AI capabilities are increasingly adopted by the government.

Cerebras, an AI chipmaker, secured $1.1 billion in funding, valuing the company at $8.1 billion, as it aims to compete with Nvidia. The funding extends Cerebras’ private status despite confidential IPO filings last year. A previous concern was reliance on a Middle Eastern customer, G42, potentially requiring CFIUS clearance. The new funding almost doubles its 2021 valuation. The capital will be used to expand U.S. manufacturing operations. Revenue jumped significantly in Q2 2024 to $70 million. Cerebras highlights partnerships with Hugging Face, Meta, and others, showcasing its wafer-scale technology’s adoption.