Navan—the corporate travel and expense management platform formerly known as TripActions—finally went public in late 2025. After years of speculation, a pandemic-driven pivot, and a valuation that peaked at $9.2 billion, the company completed its IPO targeting a $6.45 billion valuation.
Then the stock dropped 20% after debut.
The good news: you can now buy Navan stock through any brokerage. The more nuanced news: the company’s journey from $9.2 billion private valuation to a down-round IPO followed by an immediate 20% decline offers a masterclass in late-stage private market dynamics. Understanding what happened—and why—matters more than simply knowing how to place a buy order.
Quick Summary
| Attribute | Details |
|---|---|
| Company | Navan, Inc. (formerly TripActions) |
| Stock Status | Publicly traded (IPO late 2025) |
| IPO Valuation | $6.45 billion (target) |
| Peak Private Valuation | $9.2 billion (April 2022) |
| Post-IPO Performance | Down ~20% from IPO price |
| How to Buy | Any brokerage account |
| Competitors | SAP Concur, Expensify (EXFY) |
How to Buy Navan Stock
Navan is now a publicly traded company. You can purchase shares through:
Any Major Brokerage:
- Fidelity
- Charles Schwab
- TD Ameritrade
- E*TRADE
- Robinhood
- Webull
- Interactive Brokers
Steps to Buy:
- Open or log into your brokerage account
- Search for Navan’s ticker symbol
- Enter the number of shares or dollar amount
- Choose order type (market or limit)
- Review and submit
No Accreditation Required: Unlike pre-IPO investments, public stocks are accessible to all investors regardless of income or net worth.
What Is Navan?
Navan provides an integrated platform for corporate travel booking and expense management. Founded in 2015 as TripActions, the company rebranded to Navan in 2022 to reflect its expanded product suite beyond travel.
Core Products:
- Travel Booking: Corporate flight, hotel, and ground transportation reservations
- Expense Management: Receipt capture, expense reporting, and reimbursement
- Corporate Cards: Payment solutions with built-in policy controls
- Analytics: Spending insights and travel policy compliance
The Value Proposition: Traditional corporate travel management (dominated by SAP Concur) involves clunky legacy software, manual expense reports, and disconnected systems. Navan offers a modern, mobile-first alternative that combines booking, expenses, and payments in a single platform.
Customer Base: Over 7,000 companies use Navan, ranging from startups to enterprises.
The IPO Story: From $9.2B to $6.45B
Navan’s path to public markets illustrates the dramatic repricing of late-stage private companies:
| Date | Event | Valuation |
|---|---|---|
| February 2021 | Series D | $4 billion |
| October 2021 | Series E | $7.25 billion |
| April 2022 | Series F (Peak) | $9.2 billion |
| December 2023 | Layoffs announced | — |
| Late 2025 | IPO | $6.45 billion (target) |
| Post-IPO | Stock drops 20% | ~$5.2 billion implied |
What Happened: The company raised at increasingly aggressive valuations during the 2021-2022 funding frenzy. When public markets corrected and business travel recovery stalled, Navan faced a choice: stay private indefinitely or accept a down-round IPO.
They chose the IPO—and the market immediately marked the stock down another 20%.
For Investors, This Means:
- Late-stage private investors (Series F at $9.2B) are underwater
- IPO investors who bought at the offering price are down 20%
- Current buyers are getting shares at roughly 40% below peak private valuation
Whether this represents a buying opportunity or a falling knife depends on your view of Navan’s fundamentals and the corporate travel market.
Valuation History
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| 2015 | Seed | Undisclosed | — | — |
| 2018 | Series B | $51M | — | Andreessen Horowitz |
| 2019 | Series C | $250M | $4B | Andreessen Horowitz |
| Feb 2021 | Series D | $155M | $4B | Andreessen Horowitz |
| Oct 2021 | Series E | $275M | $7.25B | Andreessen Horowitz |
| Apr 2022 | Series F | $304M | $9.2B | Andreessen Horowitz, Lightspeed |
| Late 2025 | IPO | — | $6.45B | Public markets |
Total Private Funding: Over $1 billion
Key Investor: Andreessen Horowitz led or participated in nearly every round, making them the largest institutional shareholder.
Investment Considerations
The Bull Case
1. Business Travel Recovery Corporate travel spending continues recovering from COVID lows. While not back to 2019 levels, the trajectory is positive. Companies are resuming in-person meetings, conferences, and client visits.
2. Modern Platform Advantage SAP Concur dominates the market but runs on aging technology. Navan’s mobile-first, integrated approach appeals to younger finance teams and modern companies.
3. Valuation Reset At roughly $5 billion market cap (post-20% drop), Navan trades at a significant discount to its peak private valuation. If the business executes, there’s room for multiple expansion.
4. Expense Management Expansion The company has expanded beyond travel into broader expense management, increasing its total addressable market and reducing dependence on travel spending alone.
The Bear Case
1. Immediate Post-IPO Decline A 20% drop after IPO suggests the market believes even the reduced $6.45B valuation was too high. Further declines are possible.
2. Profitability Questions The company cut staff in late 2023 to “find profitability ahead of delayed IPO.” Whether Navan has achieved sustainable profitability remains unclear.
3. Economic Sensitivity Business travel is among the first expenses cut during economic downturns. A recession would directly impact Navan’s revenue.
4. Intense Competition SAP Concur has deep enterprise relationships. Expensify (EXFY) competes in expense management. New entrants continue emerging.
5. Down-Round Dynamics Series F investors at $9.2B are significantly underwater. Lock-up expirations could create selling pressure as early investors seek exits.
Competitors and Alternatives
If you’re interested in the corporate travel and expense management sector, several public alternatives exist:
Direct Competitors
| Ticker | Company | Focus | Market Cap |
|---|---|---|---|
| EXFY | Expensify | Expense management | ~$300M |
| SAP | SAP SE | Enterprise software (owns Concur) | ~$250B |
Expensify (EXFY): Pure-play expense management company that went public in 2021. Stock has declined significantly from IPO highs, trading near all-time lows. Smaller and more focused than Navan.
SAP Concur: The market leader in corporate travel and expense management, owned by enterprise software giant SAP. Buying SAP gives minimal Concur exposure given SAP’s size and diversification.
Broader Travel Exposure
| Ticker | Company | Focus | Market Cap |
|---|---|---|---|
| BKNG | Booking Holdings | Online travel | ~$150B |
| EXPE | Expedia Group | Online travel | ~$20B |
| ABNB | Airbnb | Accommodations | ~$80B |
Enterprise Software Comparables
| Ticker | Company | Focus | Market Cap |
|---|---|---|---|
| WDAY | Workday | HR/Finance software | ~$70B |
| NOW | ServiceNow | Enterprise workflow | ~$180B |
| CRM | Salesforce | Enterprise CRM | ~$280B |
Risks of Investing in Navan
Post-IPO Volatility
Recent IPOs have experienced significant volatility, with many trading below their offering prices. Navan’s 20% decline fits this pattern. Further volatility is likely.
Lock-Up Expirations
Insiders and early investors typically cannot sell shares for 90-180 days after IPO. When lock-ups expire, selling pressure often increases, potentially driving prices lower.
Business Travel Uncertainty
While recovering, business travel hasn’t returned to pre-COVID levels and may never fully recover as companies have adapted to remote work and video conferencing.
Competitive Pressure
The expense management market is crowded. Navan must continue winning against SAP Concur’s incumbent position and Expensify’s focused approach.
Profitability Path
The company cut staff to pursue profitability. Whether this has been achieved—and whether growth can resume while maintaining profitability—remains to be seen.
The Bottom Line
Navan is now publicly traded, making shares accessible to any investor through standard brokerage accounts. The company’s journey from $9.2 billion private valuation to a $6.45 billion IPO followed by a 20% decline illustrates the dramatic repricing occurring across late-stage private companies.
For Investors Who Believe in the Thesis: The current price represents a significant discount to peak private valuations. If business travel continues recovering and Navan executes on its platform strategy, there’s upside potential.
For Skeptics: The immediate post-IPO decline suggests the market isn’t convinced even at reduced valuations. Waiting for the stock to stabilize and for more financial data (quarterly earnings) may be prudent.
For Those Seeking Sector Exposure: Expensify (EXFY) offers a smaller, pure-play alternative. Booking Holdings (BKNG) provides broader travel exposure with a more established business model.
The corporate travel and expense management market is real and growing. Whether Navan captures its share at a valuation that rewards current shareholders remains the open question.
Frequently Asked Questions
Can you buy Navan stock?
Yes. Navan is now a publicly traded company following its late-2025 IPO. You can purchase shares through any brokerage account.
What is Navan’s stock ticker?
Navan trades on public markets following its late-2025 IPO. Check your brokerage for the current ticker symbol and trading information.
Is Navan the same as TripActions?
Yes. TripActions rebranded to Navan in 2022 to reflect its expanded product suite beyond corporate travel into expense management and payments.
Why did Navan stock drop after IPO?
Navan’s stock declined approximately 20% after its public debut. This reflects broader market skepticism about late-stage private company valuations and concerns about the company’s path to profitability.
How does Navan compare to Expensify?
Both companies operate in expense management, but Navan offers a broader platform including travel booking and corporate cards. Expensify (EXFY) is a smaller, pure-play expense management company. Both stocks have declined significantly from peak valuations.
What was Navan’s highest valuation?
Navan reached a peak private valuation of $9.2 billion in its April 2022 Series F funding round. The company went public at a $6.45 billion target valuation—a 30% down round—and the stock declined another 20% after debut.
Sources
- TechCrunch: “Navan IPO tumbles 20% after historic debut” (October 2025)
- TechCrunch: “Navan plows ahead with IPO, aims for $6.45B valuation” (October 2025)
- TechCrunch: “Expense management startup Navan cuts staff to find profitability ahead of delayed IPO” (December 2023)
- SEC: Accredited Investor Definition, Rule 501
- Yahoo Finance: Expensify (EXFY), Booking Holdings (BKNG) stock data
- Company website: Navan.com