Navan Aims for $6.45B IPO, Plans Nasdaq Debut Amid Shutdown

Navan, a corporate travel and expense management software provider, has announced plans to proceed with initial public offering (IPO) preparations, targeting a valuation of up to $6.45 billion.

The company aims to raise approximately $960 million by offering 36.92 million shares at a price between $24 and $26 each. The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol "NAVN".

In September 2025, Navan filed its registration statement with the SEC, officially signaling its plans to go public for the first time.

The funds raised from the offering are intended to provide liquidity to the private investors, who have already invested nearly $2 billion into the company, and to support Navan’s growth initiatives. These include potential acquisitions and expanding its product portfolio.

Although a federal government shutdown has caused delays at agencies like the SEC, Navan is still moving ahead under special provisions that allow specific IPO processes to continue.

Founded in 2015 as TripActions and headquartered in Palo Alto, California, Navan has evolved from a booking platform into a corporate travel, expense, and payments management software provider.

It serves global enterprises and competes with established players such as SAP Concur, Oracle, and Expensify.

Photo by Nicholas Cappello on Unsplash