Navan Files for U.S. IPO, Reporting 30% Revenue Growth

Corporate travel and expense management platform Navan has officially filed for an initial public offering (IPO) in the United States, as reported by Reuters. The filing highlights a significant 30% increase in revenue for the first half of fiscal year 2026, with earnings reaching $329.4 million for the six months ending July 31, up from $253.7 million in the comparable prior-year period. This strategic move coincides with a notable recovery in the tech IPO market. During the same six-month period, Navan's net loss experienced a slight increase, widening to $99.9 million from $92.5 million in the prior year. The timing of the IPO filing is opportune, aligning with a resurgence in travel demand and a market environment that IPOX Vice President Kat Liu describes as exhibiting "steady strength, with broad deal flow, stable average firm quality and valuations that remain balanced." Established in 2015 as TripActions, Navan has expanded its offerings beyond modernizing corporate travel to include corporate payments and comprehensive expense management solutions. The company aims to position itself as a competitor against established players such as American Express and SAP Concur. The IPO offering is being managed by a syndicate of over a dozen underwriters, including prominent firms like Goldman Sachs, Citigroup, and Morgan Stanley. This filing follows a Series G funding round in 2022, which valued Navan at $9.2 billion. Reuters had previously indicated that the IPO could potentially value the company at over $8 billion.