Shares of Navan were trading at just under $21, down 16% in early first-day trading on Thursday, indicating lackluster investor demand for the long-awaited debut.
Navan, which operates an expense management platform with an emphasis on travel, had priced shares for its offering at $25 each late Wednesday. It was formerly called TripActions, with the company pivoting to a broader platform when revenue reached zero right after the COVID pandemic hit.
The offering raised $923.1 million for the company, whose shares are trading on the Nasdaq under the ticker NAVN. It set an initial valuation of around $6.2 billion.
The move to the public markets has been a long time coming for Palo Alto, California-based Navan, which reportedly first submitted confidential paperwork for a planned offering more than three years ago.
The company had raised $1.2 billion in debt financing and $1 billion in equity funding from venture investors and credit providers, per Crunchbase data. Major venture stakeholders include Andreessen Horowitz, Lightspeed Venture Partners and Zeev Ventures.
Growing revenue
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 — looking to appeal to growth-hungry investors.
Per its 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.”
IPO activity has picked up in 2025, with Navan one of several larger recent debuts, including well-received entries by consumer fintech Klarna and blockchain lender Figure. We’re also seeing heightened buzz around potential new market entrants.
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Illustration: Dom Guzman
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