Startup Navan (formerly TripActions) has filed for an IPO on the Nasdaq under the ticker NAVN, reporting $613 million in revenue and $7.6 billion in bookings.
Navan to list on the Nasdaq with $613 million in revenue
American startup Navan, which operates in the business travel, payments and expense management space, has filed for an IPO with the U.S. Securities and Exchange Commission (SEC). The company plans to list its shares on the Nasdaq Global Select Market under the ticker NAVN.
Financial Results
In the last year, Navan generated $613 million in revenue, reflecting a 32% year-over-year increase, along with more than $7.6 billion in bookings—a 34% rise. Its customer base includes major companies such as Unilever, Adobe, Christie’s, Blue Origin, and Geico.
Previously known as TripActions, the company also reported a significant narrowing of its net loss, dropping from $332 million in 2024 to $181 million in 2025. At the same time, losses increased slightly again to $100 million in the first half of 2025. Gross margin improved from 60% to 68%.
Company history and investor support
The company was founded in 2015 by Ariel Cohen and Ilan Twigg. Navan promotes itself as a comprehensive platform that combines business travel management and expense tracking into a single solution.
Navan has attracted backing from top-tier venture capital firms, including Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed. To date, the company has secured more than $1.5 billion in funding and reached a valuation of $9.2 billion in its latest round.
Fintech and crypto IPO wave
Navan’s IPO comes against the backdrop of a resurgence in the US IPO market. In 2025, the following have already gone public or announced their plans to go public:
- Bullish is a crypto exchange that has posted its first profitable quarter after listing on the NYSE with $108 million in revenue.
- Circle is the issuer of the USDC stablecoin, which went public with a market capitalization in the tens of billions.
- Figure is a blockchain lender specializing in tokenized mortgage and consumer loans.
- Gemini is the Winklevoss brothers’ crypto exchange that aims to compete with Coinbase in the US.
All of these projects, like Navan, symbolize the return of large technology and fintech companies to public markets after a two-year hiatus caused by high rates and low investor demand.
