Navan, a business travel, payments and expense management startup, was submitted for public release on Friday afternoon.
The S-1 filing with the Securities and Exchange Commission indicates that the company will list it in the NASDAQ Global Select Market under the symbol “NAVN.”
According to S-1 filing, Navan reported to take over $613 million (an increase of 32%) across more than 10,000 customers and total bookings $7.6 billion (an increase of 34%).
Goldman Sachs and Citigroup will serve as the leading bookkeeping managers for the proposed offering.
Navan ranked 39th on this year’s CNBC Disruptor 50 list and also created the 2024 list.
According to IPO Tracker Renaissance capital, the IPO market rose 56% this year with 156 transactions (approximately 200 IPO applications) and $30 billion in revenue, and 56% with $30 billion in revenue. It has been the best year for IPOs since 2021, but it’s far below the boom year raised by IPOs, with over $142 billion (2021) of $78 billion (2020).
This year’s contract flow is highlighted by the names of hot AIs like CoreWeave and by the most highly regarded companies in the startup world of the past decade, including Fintech Kralna and design companies Figma, Crypto Companies, Crypto Companies, Crypto Companies and Gemini. Top Amazon reseller patterns were published on Friday.
Other startups are expected to pursue trading given the growing appetite of investors.
Renaissance IPO ETF This year it has increased by 20%.
Launched in 2015 by CEO Ariel Cohen and co-founder Ilan Twig, Navan set out to disrupt the business travel sector where incumbents rely on clumsy legacy tools and fragmented workflows.
The Palo Alto-based company, formerly known as Tripactions, is known as the “all-in-one super app” for corporate travel and costs.
Customers include Unilever, Adobe, Christie’s, Blue Origin and Geico.
It also features a virtual assistant named AVA that handles about 50% of user interaction in the six months ended July 31st, as well as a unique AI framework called Navan Cognition, which supports the platform, and a unique cloud infrastructure.
“We have built Navan for the Road Warriors for CEOs and CFOs who understand the importance of travel to strategy. The finance team demanding accuracy and management, executive assistants juggling the itinerary, and program managers ensure seamless events.
“We saw firsthand the frustration of a clumsy, outdated system. Travelers were forced to carbohydrate the solutions together, wait hours to negotiate with the travel agency, and then negotiate with the travel agency. They enforce the policy and force the frustration of not being able to directly connect with the valuable business travelers that the supplier attempted to serve,” they wrote in the filing.
Revenues rose 33% from $420 million in 2024 to $537 million in 2025, according to S-1 filing. The company reported a net loss, down 45% year-on-year from $332 million in 2024 to $181 million in 2025.
The business travel and cost space is crowded with fellow Disruptors Ramp and Brex, Travelperk, and current staff such as SAP Concur and American Express Global Business Travel.
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