Navan raises $923.1M at roughly $6.7B valuation as it lists on Nasdaq and tests demand for enterprise software

A near one billion dollar raise in a cautious window resets valuation benchmarks for late stage enterprise software and tests demand for AI driven spend control platforms. Navan’s debut also signals that workflow software issuers may return to market after a long pause.

Navan priced 36,924,406 Class A shares at $25 each, within its $24 to $26 filing range, for $923.1 million in gross proceeds. The company sold 30,000,000 new shares for $750.0 million in primary capital while 6,924,406 shares came from existing holders. Lead banks include Goldman Sachs, Citigroup, Morgan Stanley, Jefferies, and Mizuho. The pricing implies an equity value of roughly $6.21 billion on basic shares and about $6.7 billion on a fully diluted view cited by Reuters. Ticker: NAVN on Nasdaq Global Select. An underwriters option to purchase up to 5,538,660 additional shares was included.

Founded in 2015 and formerly known as TripActions, Navan offers a unified travel booking, corporate cards, and automated expense stack used by customers such as Zoom and Lyft. The company’s private valuation in 2022 was $9.2 billion. Today’s public terms reset that level while providing currency for sales investment and possible acquisitions. The listing ranks among the larger United States tech offerings of 2025.

The $923.1 million war chest buys time to expand payments attach and improve gross margin. Near term markers are performance relative to the offer price, the revenue mix shift toward cards and expense, and the pace of enterprise wins from the fourth quarter to the first quarter. A clean trade could reopen the queue for similar workflow and fintech names.