Navan IPO: how to trade Navan shares

Create an account  Open a demo account

When is the Navan IPO date?

The Navan IPO date is not yet official. However, in September 2025 Navan officially filed for an initial public offering with the SEC, confirming its plan to list on the Nasdaq under the ticker symbol ‘NAVN’. According to CNBC, the Navan IPO could be one of the most closely watched travel and fintech offerings of the year.

Current expectations

Navan has long been tipped as an IPO candidate, but executives have repeatedly stressed that they will only go public once the company achieves both scale and predictable profitability. After raising more than $300m in Series G funding in late 2022 (led by Greenoaks, Coatue, and Zeev Ventures), Navan insiders signalled that the business could be IPO-ready as soon as market conditions allowed.

Why list now?

• Liquidity for investors: Navan has raised nearly $2bn in equity and debt funding from backers like Andreessen Horowitz, Lightspeed Venture Partners, and Greenoaks. A public float offers these investors an exit.
• Brand credibility: competing with entrenched players like SAP Concur and Amex GBT, being publicly listed helps win procurement trust in global enterprises.
• Acquisition currency: IPO shares provide a liquid currency to consolidate smaller travel and fintech firms.
• Employee equity: a listing gives liquidity to staff and aids in retention.

Market backdrop

Corporate travel is rebounding strongly as hybrid work stabilises and companies return to in-person events. Yet investors will remember the struggles of other travel IPOs (eg Airbnb’s volatility and Amex GBT’s slower growth). Fintech multiples also remain more disciplined post-2021, meaning Navan will need to price realistically.

What is Navan?

Navan is a corporate travel and expense management platform founded in 2015 in Palo Alto, California, by Ariel Cohen and Ilan Twig. Originally launched as TripActions, the company rebranded as Navan in 2023 to reflect its broader ambitions beyond travel booking – especially in payments and expense management.

Origins

Navan was born out of frustration with clunky corporate travel tools. The founders saw an opportunity to combine modern UX, AI-driven recommendations, and integrated payments into a single platform. The aim was to give employees the convenience of consumer-grade booking tools while giving finance teams centralised control and visibility.

Product suite

• Travel management: flight, hotel, rail, and car booking through Navan’s app and web platform.
• Expense management: automated expense reports, receipt capture, and policy enforcement.
• Navan Liquid: a payments product issuing smart corporate cards, automatically reconciling expenses in real time.
• AI-powered features: personalised travel recommendations, dynamic policy compliance, and predictive analytics.

Customers

Navan serves thousands of mid-market and enterprise customers, including names like Heineken, Zoom, Canva, Lyft, and Shopify. Its mix of travel booking and payments has proven sticky with companies seeking to cut costs and improve employee satisfaction.

Global footprint

• HQ: Palo Alto, California.
• Global offices: London, Tel Aviv, Sydney, Amsterdam, and more.
• Service reach: Over 40 countries, supporting international bookings and multi-currency payments.

Key milestones

• 2015 – Founded as TripActions.
• 2018 – Achieves unicorn valuation with $154m funding led by Andreessen Horowitz.
• 2020 – Expands into expense management amid COVID-19 disruptions.
• 2022 – Valued at $9.2bn after Series G raise of $304m.
• 2023 – Rebrands to Navan; confidentially files IPO paperwork with the SEC.
• 2024 – Expands product features with deeper AI integrations.
• 2025 – Files for IPO.

Navan’s key features

• All-in-one platform: combines travel booking, payments, and expenses.
• Consumer-grade UX: easy-to-use interface comparable to leisure travel apps.
• Integrated fintech: smart cards and automated reconciliation reduce admin costs.
• AI-driven automation: policy compliance and personalised booking powered by machine learning.
• Strong enterprise adoption: customers include global names across tech, manufacturing, and FMCG.

Navan positions itself as the modern alternative to SAP Concur, targeting enterprises frustrated by legacy platforms with fragmented UX and manual workflows.

How does Navan make money?

Navan’s business model blends travel services with fintech revenues, giving it multiple income streams.

What might influence the Navan live stock price?

The Navan IPO valuation and post-listing performance will depend on a combination of macro conditions, company execution, competitive pressures, and investor sentiment.

Macroeconomic and sector trends

The travel-tech sector is highly cyclical. Business travel was hit hard by the COVID-19 pandemic, and investors remain sensitive to macro shocks that can curtail corporate travel budgets. On the upside, hybrid work and in-person events are driving renewed demand. Global corporate travel spend is forecast to surpass pre-pandemic levels by 2026, creating a favourable backdrop. Investors will weigh Navan’s ability to capture that growth while navigating volatility in airfares, oil prices, and FX.

Company fundamentals

Navan will need to demonstrate that its revenue mix is diversifying beyond commissions from travel bookings. The growth of Navan Liquid, its payments and expense management arm, will be critical, as fintech revenues are more predictable and margin-rich than travel transactions. Investors will also scrutinise profitability metrics. Navan has raised nearly $2bn in equity and debt, so the market will expect progress on operating efficiency. Metrics like gross bookings, take rate, payments volume, net revenue per user, and free cash flow will be key yardsticks.

Competition and differentiation

Navan competes with entrenched incumbents such as SAP Concur and American Express Global Business Travel (Amex GBT), as well as newer challengers like TravelPerk. Its differentiation lies in a consumer-grade user experience, integrated fintech, and AI-driven automation. Investors will judge whether those advantages can be sustained as incumbents invest heavily in UX upgrades. If Navan can prove stickiness among enterprise customers – with high net retention and long-term contracts – its stock could command a premium multiple.

Regulation and governance

As a travel and fintech platform, Navan faces a complex regulatory landscape. It must comply with travel industry standards (IATA, GDS integration rules) and financial regulations tied to its payments business. Expanding internationally means dealing with GDPR in Europe and payments regulations in multiple jurisdictions. Any misstep could impact margins or delay expansion. On governance, investors will want to see a mature public-company structure – independent board members, transparent KPI disclosures, and a clear path to profitability.

Valuation scenarios

If Navan demonstrates >$1bn in annual revenue, strong fintech contribution, and a clear path to operating profit, it could target a higher valuation. A bull case could see it priced higher if travel demand accelerates and Navan Liquid grows quickly. A bear case, where travel growth slows or competition erodes margins, could pull valuations down.

Investor sentiment

Travel-tech IPOs have had mixed outcomes. Airbnb’s blockbuster debut was followed by volatility, while Amex GBT trades more modestly. Fintech IPOs like Wise and Robinhood also experienced post-listing swings. That context means investors will be cautious with Navan. A strong anchor book of long-only funds would support stability, but hedge-fund-heavy allocations could lead to volatility.

Sentiment will also hinge on how Navan frames its narrative: as a travel agency challenger, or as a fintech SaaS platform with a large TAM. The latter positioning could earn higher multiples.

You can keep your finger on the pulse of the markets with expert insight from our in-house analysts. Check out our news and analysis section for more.

How to trade Navan shares via CFDs

When the Navan listing happens, traders will have the opportunity to speculate on its share price via contracts for difference (CFDs). CFDs allow you to capture price movements without owning the underlying stock — offering flexibility in volatile IPO markets.

How to get started

• 1. Choose a platformUse a broker like Capital.com to access IPO stocks and fintech names.
• 2. Open an accountComplete ID verification and the suitability assessment to begin trading.
• 3. Fund your accountDeposit capital securely by bank transfer, card, or e-wallet.
• 4. Track IPO detailsWatch the filing documents, price range, and anchor investor demand to gauge sentiment.
• 5. Place your tradeGo long if you expect Navan to rally, or short if you anticipate the Navan stock price to fall, and apply stop-losses* to manage risk.

Note: the Navan IPO, like all IPOs, may be volatile, especially in the early days of trading. CFDs let you act on price swings in either direction, but always apply risk management. CFDs are traded on margin, and leverage higher than 1:1 magnifies potential losses and gains. Past performance is not a reliable indicator of future results.

Learn more about contracts for difference in our CFDs trading guide.

*Standard stop-losses are not guaranteed. Guaranteed stop-losses incur a fee when activated.

Which fintech and travel-tech stocks can I trade?

Until Navan lists, you can explore related stocks for sector exposure:

• SAP (SAP) – owner of SAP Concur, the incumbent in travel and expense software.
• American Express GBT (GBTG) – corporate travel management firm.
• Booking Holdings (BKNG) – travel-tech benchmark.
• Block (SQ) and PayPal (PYPL) – payments platforms.
• Wise (WISE.L) – London-listed cross-border payments fintech.

FAQs