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Published on
October 30, 2025
5 min read
Navan Lists on Nasdaq After Successful $923 Million U.S. IPO
In Focus
- Navan will debut on the Nasdaq on October 30, 2025
- The company raised $923 million in an IPO
- Navan’s valuation stands at about $6.7 billion
Travel tech Navan will debut on the Nasdaq on October 30, 2025. The company lists on the stock market after raising $923 million through an IPO. According to Reuters, Navan’s $923 million IPO succeeded after the company successfully navigated delays caused by a U.S. government shutdown.
What is Navan’s Valuation After its IPO?
Navan issued a total of 36.92 million shares at $25 each in its IPO. Following the 2025 IPO, Navan’s valuation now stands at about $6.7 billion as per calculations by Reuters. This is significantly lower than the $9.2 billion valuation the company achieved in a late-stage financing round in 2022.
Navan offers an AI-powered all-in-one platform for business travel. The firm helps companies to streamline travel and expense management using the Navan business travel expense platform.
“We see ourselves as an AI-first company,” Navan CEO Ariel Cohen said. He added that Navan succeeds by informing customers that leveraging AI can reduce their budget by up to 15%.
A Highly Competitive Industry
Demand for travel tech solutions is expected to rise as businesses resume travel and consumers prioritize experiences. AirBnB expanded services with lifestyle offerings, allowing travellers to book home experiences on its app. However, competition in travel management is getting stiffer as players seek to attract enterprise clients.
For instance, Travelperk, which doubled its valuation this year, is integrating travel booking into financial management tools to create whole solutions for businesses.
Navan wants to stand out with the Navan AI-powered travel software. The company says the platform expanded its margins successfully. “We’re not just a company that talks about using AI. We actually demonstrate our use of AI in our numbers,” Navan CFO Amy ButteButte said.
Navan’s $923 Million IPO at a Glance
- Navan issued a total of 36.92 million shares in the IP0
- Share price was $25 each
- Navan offers an AI-powered travel platform to corporates
Slowdown in the U.S. IPO Market
The IPO market in the U.S. had gained momentum in the second half of 2025 after a prolonged slowdown. The market has attracted many startups like U.K. fintech Revolut, which is considering a dual listing in London and New York for its IPO.
However, it came to halt early this month after the markets regulator sent staff on unpaid leave and paused review of IPO filings.
“The IPO market has been a bit wobbly over the past month or so; we’ve definitely lost some momentum since the start of the quarter,” Senior Strategist at Renaissance Capital Matt Kennedy said.
The Securities and Exchange Commission (SEC) relaxed the rules later, paving the way for companies to go public during the government shutdown. The change encouraged companies like Navan to leverage the strong stock market performance and renewed investor confidence.
