Navan files for IPO with corporate travel firm riding deal market boom

Navan, the enterprise journey, funds, and expense administration startup, filed on Friday afternoon to go public.

Its S-1 filing with the Securities and Trade Fee signifies that the corporate plans to checklist on the Nasdaq World Choose Market beneath the image “NAVN.”

Navan reported trailing 12-month income of $613 million (up 32%) throughout over 10,000 prospects, and gross bookings of $7.6 billion (up 34%), in keeping with the S-1 submitting.

Goldman Sachs and Citigroup will act as lead book-running managers for the proposed providing.

Navan ranked No. 39 on this yr’s CNBC Disruptor 50 checklist, and likewise made the 2024 checklist.

The IPO market has bounced again this yr, with deal exercise up 56% throughout 156 offers (roughly 200 IPO filings in all) and $30 billion in proceeds, up over 23% yr over yr, in keeping with IPO tracker Renaissance Capital. It has been one of the best yr for IPOs since 2021, although nonetheless far under the Covid providing growth years, when over $142 billion (2021) and $78 billion (2020) was raised by IPOs.

This yr’s deal stream has been highlighted by scorching AI names like Coreweave, in addition to a number of the startup world’s most extremely valued companies from the previous decade, similar to fintech Klarna and design firm Figma, crypto corporations Circle, Bullish and Gemini, and a few long-awaited IPO candidates lastly hitting the market, similar to Stubhub this week, although its shares have slumped for the reason that first day of buying and selling. Prime Amazon reseller Sample went public on Friday.

Different startups are expected to pursue deals given the elevated investor urge for food.

The Renaissance IPO ETF is up 20% this yr.

Launched by CEO Ariel Cohen and co-founder Ilan Twig in 2015, Navan got down to disrupt a enterprise journey sector the place incumbents relied on clunky legacy instruments and fragmented workflows.

The Palo Alto-based firm, previously referred to as TripActions, refers to itself as an “all-in-one tremendous app” for company journey and bills.

Prospects embrace Unilever, Adobe, Christie’s, Blue Origin and Geico.

It has additionally been pushing additional into AI, with a digital assistant named Ava dealing with roughly 50% of person interactions through the six months ended July 31, in keeping with the submitting, and a proprietary AI framework referred to as Navan Cognition supporting its platform, in addition to proprietary cloud infrastructure.

“We constructed Navan for the street warriors, for CEOs and CFOs who perceive journey’s important significance to their technique, the finance groups who demand precision and management, the chief assistants juggling itineraries, and this system admins guaranteeing seamless occasions,” the co-founders wrote in an IPO submitting letter.

“We noticed firsthand the frustration of clunky, outdated programs. Vacationers have been pressured to cobble collectively options, look ahead to hours on maintain to e-book or change journey, and negotiate with journey brokers. They struggled to stick to firm insurance policies, with little visibility into these insurance policies, and in spite of everything that, they spent much more time on tedious expense reviews after a visit. We felt the ache of finance groups struggling to achieve visibility into fragmented journey spending and to implement insurance policies, and the frustration of suppliers unable to attach straight with the high-value enterprise vacationers they sought to serve,” they wrote within the submitting.

The corporate has been preparing for an eventual IPO since final yr, when it made a number of key government strikes tied to the plans. Navan is backed by main buyers together with Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed. Navan has raised greater than $1.5 billion in enterprise funding up to now and was final valued at $9.2 billion.

Income grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025, in keeping with the S-1 submitting. The corporate reported a internet loss that decreased 45% year-over-year from $332 million in fiscal 2024 to $181 million in fiscal 2025. Losses moved greater once more by 8% in the newest six month interval included within the submitting, from $93 million for the six months ended July 31, 2024 to $100 million for the six months ended July 31, 2025. Gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.

The enterprise journey and expense area is crowded, with fellow Disruptors Ramp and Brex, and TravelPerk, in addition to incumbents like SAP Concur and American Categorical World Enterprise Journey.