Navan plows ahead with IPO during shutdown, aims for $6.45B valuation

image via TechCrunch

October 10, 2025, 11:08 PM

• •Navan, formerly TripActions, filed updated IPO documents.
• •The filing utilizes new SEC rules for companies during a shutdown.
• •Navan aims to sell 30 million shares at $24-$26.
• •The company generated $613 million in revenue with $188 million in losses.

Corporate travel management company Navan, formerly TripActions, has filed updated IPO documents despite the ongoing U.S. government shutdown, utilizing new SEC rules that expedite the process. Navan plans to sell 30 million shares, with insiders offering an additional 7 million, pricing the range at $24 to $26, potentially raising over $960 million and valuing the company at $6.45 billion. The company reported $613 million in revenue (up 32%) with losses of $188 million in the last 12 months; Navan is backed by Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.

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