Business travel platform Navan is one of those companies that’s been on the cusp of going public for years, but has yet to actually do so.
Finally, however, it looks like it’s going to happen. On Friday, Navan (formerly TripActions) filed its first public IPO prospectus. It comes almost precisely three years after the company first reportedly submitted confidential paperwork for a planned offering.
Now, after a long wait, the public gets a peek at revenue for the 10-year-old Silicon Valley company, as well as its track record for growth.
At first glance, both look fairly robust. Navan had revenue of $329 million in the first half of 2025, up 30% year over year. Growth comes as the company has been investing in developing its agentic AI offering, Navan Cognition, to automate more cumbersome tasks around travel planning and reporting.
Still, the company remains far from profitable. Navan’s net loss for the first half of this year came in just shy of $100 million — up about 7% from the year-earlier period. The loss comes amid higher spending on both R&D and sales and marketing, common for companies on the IPO track, which are looking to appeal to growth-hungry investors.
Per the IPO filing, Navan has incurred net losses in each year since its inception in 2015 and “may not achieve or, if achieved, sustain profitability in the future.” The company also expects its costs and expenses to increase, making future profitability iffy should more customers and higher revenue not follow suit.
Over the years, Navan has also spent quite a bit building up its business. The company has raised $1.2 billion in debt financing and $1 billion in equity funding to date from venture investors and credit providers, per Crunchbase data. Major venture stakeholders include Andreessen Howoritz, Lightspeed Venture Partners and Zeev Ventures.
The filing comes amid an increasingly busy period for public offerings of venture-backed companies. Last week, for instance, brought large debuts from ticket marketplace StubHub and cybersecurity provider Netskope. And a week earlier, Klarna made its somewhat delayed but much anticipated entry onto the New York Stock Exchange.
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Illustration: Dom Guzman
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