The IPO market has been … on fire in 2025. Every IPO other than Sailpoint is trading up, and we’ve got a jolt of momentum here for the first time since … well … 2021.
The two so far in B2B, MNTN and Hinge Health are off to a strong start, but are arguably niche vendors. No “classic” B2B leader has IPO’d yet in this wave. But we may have our first. Navan, the corporate travel and expense management unicorn formerly known as TripActions, confidentially filed for a U.S. initial public offering on Friday, becoming the latest enterprise software company to test increasingly receptive public markets. Although it’s possible Figma may beat them out.
But Figma is a crazy outlier.. Navan’s move could signal the opening of long-awaited floodgates for B2B software companies that have been waiting on the sidelines since the market downturn of 2022-2023.
The Navan Story: From Pandemic Pivot to IPO Ready
Founded in 2015 by Israeli entrepreneurs Ariel Cohen and Ilan Twig, Navan has evolved from a corporate travel booking platform into a comprehensive spend management powerhouse. The company’s journey reflects the broader transformation of enterprise software during the pandemic era.
When COVID-19 decimated business travel in 2020, Navan could have become another casualty. Instead, the company pivoted aggressively into expense management and payments, expanding beyond its travel roots. The strategy paid off: Navan now serves over 11,000 businesses globally, including household names like Zoom, Lyft, Shopify, and Heineken.
“We can see the signals,” CEO Cohen said in a May 2024 CNBC interview, describing the company’s IPO readiness. “We are not far from that.”
The Numbers Behind the Filing
Navan’s IPO filing comes with impressive scale:
- Probably close to $500m ARR today, $300M in annual revenue as of 2024
- 40% average revenue growth, with the fintech business growing 100% and travel business expanding 30%
- $9.2B valuation from its last funding round in 2022
- $1.5B+ raised in venture funding to date
- 2,700+ employees across 50 global offices
The company has lined up heavyweight underwriters led by Goldman Sachs, targeting a potential valuation north of $8 billion—a significant haircut from its 2022 peak but still representing one of the largest B2B software IPOs in recent memory.
Perhaps most importantly, Navan is on track to achieve profitability in 2025, addressing the market’s newfound emphasis on sustainable unit economics over pure growth.
Strategic Moves Signal IPO Preparation
Navan’s leadership appointments read like an IPO playbook. The company brought back Rich Liu, a scaling expert, as CEO of Navan Travel, and appointed Amy Butte—former NYSE CFO who oversaw the exchange’s own 2006 IPO—as board audit committee chair and Chief Financial Officer.
These aren’t coincidental hires. They signal a company systematically preparing for the scrutiny and operational demands of public markets.
The company has also been building strategic moats through innovative products like Navan Connect, which allows enterprises to keep existing banking relationships while accessing Navan’s expense management capabilities. This “bring your own card” approach has unlocked partnerships with major financial institutions like Citi, giving Navan access to 25,000 global commercial card programs and $42B in annual charge volume.
The B2B IPO Context: Why This Matters
Navan’s filing comes at a pivotal moment for enterprise software IPOs. The sector has been largely frozen since 2022, with companies waiting for market conditions to improve and valuations to stabilize.
Recent successful IPOs have demonstrated renewed investor appetite for growth-stage technology companies.
- Digital health company Hinge Health’s May 2025 debut particularly stands out—the company priced at $32 per share (top of its range) and opened at $39.25, closing up 17% on its first day.
- Space tech firm Voyager Technologies and adtech platform MNTN also posted strong debuts,
- AI infrastructure provider CoreWeave has emerged as 2025’s standout performer, surging over 287% from its $40 IPO price.
But these were largely specialized or consumer-adjacent plays. Navan represents something different: a mainstream B2B software company with enterprise clients and subscription revenue models that institutional investors understand.
2025 Tech IPO Performance: Setting the Stage
The tech IPO market in 2025 has delivered a mixed but increasingly encouraging performance, providing crucial context for Navan’s timing.
Standout Performers:
- CoreWeave leads the pack with a remarkable 287% gain from its March IPO price of $40, despite a flat debut that initially raised concerns about market appetite
- Circle delivered the best first-day pop for a $1B+ IPO in recent memory, surging 168% on debut and currently trading 241% above its $31 IPO price
- Hinge Health demonstrated strong demand for profitable digital health companies, pricing at the top of its range and gaining 17% on day one
- eToro jumped 29% in its Nasdaq debut after pricing above expectations
Key Market Dynamics: Recent Success Stories:
- ServiceTitan (field service management, successfully IPO’d December 2024 with 42% first-day pop)
- Chime (digital banking, successfully IPO’d June 12, 2025 with 37% first-day pop, valued at $11.6B)
The success of these offerings has revealed several important trends. Companies with clear paths to profitability are significantly outperforming pure growth stories. AI-adjacent businesses like CoreWeave have benefited from sustained investor enthusiasm, while sector-specific leaders like Hinge Health prove that domain expertise and strong unit economics can overcome broader market headwinds. Chime’s strong debut particularly signals renewed appetite for profitable fintech companies with sustainable business models.
Perhaps most importantly, these IPOs have collectively raised billions in new capital and remained above their offering prices—a crucial confidence signal for companies like Navan weighing their timing.
The Floodgates Question
If Navan’s IPO succeeds, it could catalyze a wave of B2B software offerings. The enterprise software sector is home to numerous unicorns that have been waiting for market conditions to improve:
Recent Success Stories:
- ServiceTitan (field service management, successfully IPO’d December 2024 with 42% first-day pop)
- Chime (digital banking, successfully IPO’d June 12, 2025 with 37% first-day pop, valued at $11.6B)
Confirmed IPO Candidates:
- Databricks (data analytics, $62B valuation—CEO targeting 2025-2026 timing)
- Netskope (cybersecurity, $7.5B valuation, hired Morgan Stanley for Q3-Q4 2025 IPO)
- Discord (communication platform, $15B valuation, hired bankers for 2025 IPO, new CEO appointed)
- Klarna (buy-now-pay-later, $6.7B valuation, paused roadshow but still targeting 2025)
Potential Candidates:
- Stripe (payments processing, $91.5B valuation—though leadership maintains no near-term IPO plans)
- Canva (design software, $48.7B valuation, targeting 2025-2026 IPO)
- Figma (design software, $12.5B valuation, confidentially filed April 2025)
- Anduril (defense tech, $30.5B valuation, raised $2.5B in June 2025)
- Plaid (fintech infrastructure, considering public offerings)
Other SaaS Unicorns in the Pipeline:
- Gong (revenue intelligence, $7.25B valuation)
- Notion (productivity software, $10B valuation)
- Revolut (fintech, $45B valuation, EU expansion underway)
The B2B IPO Pipeline: A Comprehensive View
The scale and quality of enterprise software companies preparing for public markets becomes clearer when examining the full pipeline. Here’s a comprehensive overview of the major candidates:
| Company | Founded | CEO | Sector | Est. Revenue | Valuation | IPO Timeline |
|---|---|---|---|---|---|---|
| Databricks | 2013 | Ali Ghodsi | Data Analytics | $2.4B | $62B | 2025-2026 |
| Netskope | 2012 | Sanjay Beri | Cybersecurity | $487M | $7.5B | Q3-Q4 2025 |
| Discord | 2015 | Humam Sakhnini* | Communication | ~$600M | $15B | 2025 |
| Figma | 2012 | Dylan Field | Design Software | $600M | $12.5B | Filed April 2025 |
| Stripe | 2010 | Patrick Collison | Payments | $1.4T volume | $91.5B | No near-term plans |
| Canva | 2013 | Melanie Perkins | Design Software | $2.5B | $48.7B | 2025-2026 |
| Anduril | 2017 | Palmer Luckey | Defense Tech | $1B | $30.5B | Considering options |
| Klarna | 2005 | Sebastian Siemiatkowski | Fintech | $2B | $6.7B | Delayed, targeting 2025 |
| Gong | 2015 | Amit Bendov | Revenue Intelligence | ~$300M | $7.25B | TBD |
| Notion | 2016 | Ivan Zhao | Productivity | ~$300M | $10B | TBD |
| Revolut | 2015 | Nik Storonsky | Fintech | $2.2B | $45B | Considering options |
| Plaid | 2013 | Zach Perret | Fintech Infrastructure | ~$800M | $13.4B | Considering options |
*Discord appointed new CEO Humam Sakhnini in April 2025, replacing co-founder Jason Citron
This pipeline represents over $200 billion in combined enterprise value, with companies spanning critical infrastructure, productivity tools, security, and financial services. The diversity demonstrates the breadth of enterprise software innovation that could reach public markets if Navan’s IPO opens the floodgates.
Beyond Enterprise Software: The Broader Tech IPO Landscape
While Navan sits squarely in the enterprise software category, the broader tech IPO pipeline extends far beyond B2B SaaS companies. Several massive tech unicorns across different sectors have been mentioned as potential IPO candidates:
AI Giants:
- OpenAI ($157B valuation) – Recently raised $40B in the largest private tech fundraise ever, with investors expecting eventual IPO
- Anthropic ($61.5B valuation) – Claude AI creator, backed by Google and Amazon, considering public markets
- xAI ($50B valuation) – Elon Musk’s AI venture, recently raised $6B and acquired Twitter
Consumer/Social Platforms:
- ByteDance/TikTok ($300B valuation) – Facing regulatory pressure that could accelerate IPO plans
- Shein ($66B valuation) – Fast fashion giant, has confidentially filed for U.S. IPO despite regulatory challenges
- Reddit (Already IPO’d March 2024) – Successfully went public, providing a successful template
Other Major Players:
- SpaceX ($350B valuation) – Most valuable private company, though Musk has expressed reluctance about IPO timing
- Epic Games ($31B valuation) – Gaming and metaverse leader
- Instacart (Already IPO’d September 2023) – Grocery delivery platform
These companies represent the full spectrum of tech innovation, from AI and space exploration to social media and e-commerce. Their combined valuations exceed $1 trillion, highlighting the massive scale of private tech companies waiting for favorable IPO conditions.
The Risks and Challenges
Navan’s path isn’t without obstacles. The company’s private market performance tells a sobering story: shares have declined 24% over the past 90 days and trade at a 45% discount to their 2022 valuation. Some financial metrics show concerning trends, with one source reporting 0% year-over-year revenue growth for 2024—though this conflicts with management’s stated 40% growth figures.
The company also faces fundamental business model questions. Navan’s core travel management business remains dependent on corporate travel volumes, which haven’t fully recovered to pre-pandemic levels. While the expansion into expense management and payments provides diversification, it also puts Navan in competition with well-funded fintech startups like Brex and Ramp.
Market Timing and Conditions
The IPO market timing appears increasingly favorable. Technology sector IPOs have dominated recent headlines, and finance sector offerings have also found receptive audiences. The broader equity markets have shown resilience, and institutional investors are sitting on significant dry powder.
More importantly, the market has reset expectations around growth versus profitability. Companies no longer need to show explosive growth rates to go public—they need to demonstrate sustainable unit economics and clear paths to profitability. Navan appears to fit this new paradigm.
The Broader Implications
If Navan’s IPO succeeds, it could mark an inflection point for enterprise software. The sector has spent the past three years in a state of suspended animation, with private companies growing into their valuations while waiting for public market windows to reopen.
A successful Navan offering would send a clear signal that B2B software companies with strong fundamentals can access public markets again. This could accelerate IPO timelines for dozens of companies that have been waiting on the sidelines. And incent Ramp, Brex, and other adjacent leaders to IPO as well.
The ripple effects would extend beyond just more IPOs. Private market valuations could stabilize or even increase as the IPO exit path becomes more viable. Late-stage venture funding could increase as investors see clearer paths to liquidity. And employees at unicorn companies could finally see their equity stakes become tradeable.
What’s Next
Navan’s confidential filing means specific terms—share count, pricing range, timing—remain undisclosed. The company could go public as early as Q4 2025, though management has emphasized that timing depends on market conditions and geopolitical factors.
The real test will be investor reception. If Navan can successfully price and trade well in public markets, it will likely open the floodgates for a wave of B2B software IPOs that have been building for years.
For an enterprise software sector that has been largely shut out of public markets since 2022, Navan’s filing represents more than just one company’s growth story. It could be the beginning of a long-awaited revival in B2B IPO activity.
The question isn’t whether other enterprise software companies are watching Navan’s progress closely—it’s how quickly they’ll follow if the IPO succeeds.
