Navan’s $6.5B IPO Set for Takeoff – TravelTech Unicorn Aims High, But Will It Deliver?
Navan is a Palo Alto–based travel and expense management platform (formerly TripActions) that has expanded beyond corporate travel booking into payments and expense software. Its October IPO marks one of the first large travel-tech listings in 2025, aiming to capitalize on a rebounding business-travel market. In its S-1 filing, Navan projects about $537 million in revenue for 2024 (up from roughly $329M in H1 2025) ts2.tech, although it remains unprofitable due to high interest costs. At the proposed pricing, Navan would trade at roughly 13.8× trailing sales (8× 2026 forecast) ifre.com, well above peer multiples (SAP’s Concur is about 7.9×