After pandemic reinvention, Navan targets $6.45 billion valuation in $960 million IPO
Corporate travel and expense management firm Navan is pressing ahead with plans to go public in the United States, even as a government shutdown clouds the outlook for new listings. The Palo Alto-based company, founded in Israel as TripActions, said on Friday that it is targeting a valuation of up to $6.45 billion in its initial public offering, well below the $9.2 billion mark it reached in its last funding round in 2022.
The company plans to raise about $960 million by offering 36.9 million shares at between $24 and $26 apiece. Its shares are expected to trade on Nasdaq under the ticker NAVN.
The IPO comes amid a tentative revival in U.S. equity offerings, with investor sentiment improving after two subdued years for public listings. Recent strong debuts by Alliance Laundry and Phoenix Education Partners have underscored the renewed appetite for risk. Yet the government shutdown threatens to interrupt that momentum: the Securities and Exchange Commission, operating with limited staff, has already begun suspending IPO reviews and regulatory approvals.
Navan’s listing caps a remarkable turnaround for a company that nearly collapsed in 2020, when the pandemic grounded business travel worldwide. Then known as TripActions, the company reinvented itself under founders Ariel Cohen and Ilan Twig, expanding beyond travel booking into corporate payments, expense management, and entertainment reservations.
The company’s recovery was swift but costly. By 2022, Navan had raised $2.2 billion in equity and debt, including a $400 million financing led by Goldman Sachs, now one of its IPO underwriters, alongside Citi, Jefferies, and Morgan Stanley. That same year, a planned IPO was shelved amid volatile markets.
Today, Navan employs 3,400 people across 16 countries and serves more than 10,000 corporate clients, including Unilever, Adobe, and Christie’s. Its platform processes $3.8 billion in payments annually and facilitates $7.6 billion in flight and hotel bookings, with over 40% of revenue generated outside the U.S.
Navan’s numbers reflect both growth and constraint. Revenue climbed 33% in 2024 to $537 million, and by the first half of 2025, it reached $329 million, up 30% year-on-year. Losses have narrowed at the operating level, falling from $53 million to $28 million, but high interest expenses pushed net losses to $100 million in the first half of this year.
The company’s gross margins have improved from 60% to 68%, signaling progress toward profitability, though its $657 million debt load remains a heavy burden. A significant portion of the IPO proceeds is expected to reduce that debt, including $100 million in SAFE notes and $195 million in convertible bonds.
