Navan's IPO Gamble: Launching During a Shutdown
Update: 2025-10-11
Description
Navan, formerly TripActions, is boldly pursuing its IPO despite the government shutdown, using a special SEC rule for automatic approval. Will this risky move pay off? Navan plans to offer 30 million shares at $24-$26, potentially raising $960M at a $6.45B valuation, backed by Andreessen Horowitz and Lightspeed. Despite $613M in revenue, losses remain at $188M. All eyes are on Navan to see if this unconventional IPO succeeds where others might hesitate.
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