Navan, Inc. (NASDAQ: NAVN) has officially filed to go public, bringing one of Silicon Valley’s most closely watched AI-powered travel and expense platforms to the Nasdaq Global Select Market. The company is offering 30 million shares, with another 6.9 million shares coming from selling stockholders, at an expected price range of $24 to $26. At the $25 midpoint, Navan will command a market capitalization of approximately $6.21 billion on 248.2 million shares outstanding. The company itself expects to raise about $750 million in proceeds, while the total deal size reaches $923 million, or $1.06 billion if underwriters fully exercise their overallotment option. Leading underwriters of the deal are Goldman Sachs and Citigroup, with support from Jefferies, Mizuho, and Morgan Stanley among others.
Founded in 2015 as TripActions by Ariel Cohen and Ilan Twig, Navan has grown into a global travel, payments, and expense management platform that promises to disrupt clunky corporate travel systems with its proprietary AI framework, Navan Cognition. This system powers virtual agents capable of handling complex booking changes and support tasks, cutting average trip booking time down to seven minutes compared with the industry’s 45-minute norm. In fiscal 2025, 90% of bookings were made online or via mobile apps, underscoring the stickiness of the product. Navan has also layered in automated expense management and payment solutions through Navan Connect, creating a one-stop shop for enterprises that want visibility, compliance, and cost savings in their T&E programs.
The financials tell a story of rapid growth and tightening losses. Revenue surged 33% year over year to $537 million in FY2025, while gross booking volume reached $6.6 billion and payment volume hit $3.7 billion. Gross margins improved sharply from 60% to 68%, thanks in part to its AI-driven efficiencies. Losses narrowed to $181 million in FY2025, compared with $332 million the prior year, signaling a clear path toward profitability if growth continues to scale.
Still, the risk factors are clear. Navan is highly dependent on the health of global business travel and its relationships with suppliers, while its heavy reliance on AI brings regulatory and reputational risks. The company has never turned a profit and remains controlled by its founders, with Cohen and Twig holding roughly 67% of the voting power post-IPO through a dual-class structure.
Despite these risks, Navan is positioning itself as more than a travel company. It is pitching Wall Street a $185 billion TAM (Total Addressable Market) spanning travel management, expense solutions, payments, and even “bleisure” travel (the growing trend of combining business and leisure on the same trip). Already, 36% of customers adopt three or more offerings. With nearly half of its revenue already coming from international markets, and a playbook for cross-selling deeper into enterprise accounts, Navan’s post-IPO strategy is clear: grow bigger, expand margins through AI, and eventually turn cash-flow positive.
For investors, the offering marks one of the largest SaaS-style IPOs of the year, blending fintech, enterprise software, and corporate travel into one story. The question now is whether Navan can turn its $6.2B market debut into sustained long-term returns.
Navan is expected to debut on the Nasdaq, October 31st, 2025