Navan, the enterprise travel, funds, and expense administration startup, filed on Friday afternoon to go public.
Its S-1 filing with the Securities and Exchange Commission signifies that the corporate plans to listing on the Nasdaq Global Select 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 accordance 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 12 months’s CNBC Disruptor 50 listing, and likewise made the 2024 listing.
The IPO market has bounced again this 12 months, with deal exercise up 56% throughout 156 offers (roughly 200 IPO filings in all) and $30 billion in proceeds, up over 23% 12 months over 12 months, in accordance with IPO tracker Renaissance Capital. It has been the most effective 12 months for IPOs since 2021, although nonetheless far beneath the Covid providing boom years, when over $142 billion (2021) and $78 billion (2020) was raised by IPOs.
This 12 months’s deal circulate has been highlighted by scorching AI names like Coreweave, in addition to a few of the startup world’s most extremely valued companies from the previous decade, resembling fintech Klarna and design firm Figma, crypto firms Circle, Bullish and Gemini, and a few long-awaited IPO candidates lastly hitting the market, resembling Stubhub this week, although its shares have slumped for the reason that first day of buying and selling. Top Amazon reseller Pattern went public on Friday.
Other startups are expected to pursue deals given the elevated investor urge for food.
The Renaissance IPO ETF is up 20% this 12 months.
Launched by CEO Ariel Cohen and co-founder Ilan Twig in 2015, Navan got down to disrupt a enterprise travel 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 super app” for corporate travel and bills.
Customers 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 throughout the six months ended July 31, in accordance with the submitting, and a proprietary AI framework referred to as Navan Cognition supporting its platform, in addition to proprietary cloud infrastructure.
“We built Navan for the road warriors, for CEOs and CFOs who understand travel’s critical importance to their strategy, the finance teams who demand precision and control, the executive assistants juggling itineraries, and the program admins ensuring seamless events,” the co-founders wrote in an IPO submitting letter.
“We saw firsthand the frustration of clunky, outdated systems. Travelers were forced to cobble together solutions, wait for hours on hold to book or change travel, and negotiate with travel agents. They struggled to adhere to company policies, with little visibility into those policies, and after all that, they spent even more time on tedious expense reports after a trip. We felt the pain of finance teams struggling to gain visibility into fragmented travel spending and to enforce policies, and the frustration of suppliers unable to connect directly with the high-value business travelers they sought to serve,” they wrote within the submitting.
Revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025, in accordance with the S-1 submitting. The firm reported a internet loss that decreased 45% year-over-year from $332 million in fiscal 2024 to $181 million in fiscal 2025. Gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.
The enterprise travel and expense area is crowded, with fellow Disruptors Ramp and Brex, and TravelPerk, in addition to incumbents like SAP Concur and American Express Global Business Travel.
Sign up for our weekly, authentic e-newsletter that goes past the annual Disruptor 50 listing, providing a better take a look at list-making firms and their modern founders.