Navan Eyes $6.5 Billion Valuation in IPO, Down from 2022 Peak

Corporate travel and expense software firm Navan has set a price range of $24 to $26 per share for its upcoming initial public offering, aiming for a valuation of up to $6.5 billion—about $3 billion below its last private valuation from 2022.

According to a new filing released Friday, the Palo Alto–based company plans to list on the Nasdaq under the ticker “NAVN.” The IPO marks another sign of life in the tech markets, joining recent offerings from CoreWeave, Circle, and Figma, which have helped revive a moribund IPO landscape after a three-year lull.

Navan, previously known as TripActions, was founded in 2015 by Ariel Cohen and Ilan Twig to simplify corporate travel management and expense reporting. The company employs roughly 3,400 people and has grown revenue rapidly despite ongoing losses. For the quarter ending in July, Navan posted $172 million in revenue, up 29% year-over-year, alongside a $38.6 million net loss.

While Navan continues to expand, its public debut will test investor appetite in a space that has seen mixed results. Expensify, one of its closest competitors, has struggled since its 2021 IPO, with shares closing Friday at $1.64, far below their $27 debut price. Larger rivals Oracle and SAP also compete in the enterprise expense management market.

The timing of Navan’s IPO comes amid a partial U.S. government shutdown, which has slowed operations at the Securities and Exchange Commission (SEC). Despite the disruption, the agency’s electronic filing system remains functional, allowing offerings like Navan’s to proceed. However, AI chipmaker Cerebras recently withdrew its IPO plans following the shutdown.

Navan was valued at $9.2 billion during its last private funding round in 2022, when it raised $300 million. A successful IPO at the current range would still cement the company as one of Silicon Valley’s top enterprise software stories of the year.

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