Navan, which operates an expense management platform with an emphasis on travel, had priced shares for its offering at $25 each late Wednesday. It was formerly called TripActions, with the company pivoting to a broader platform when revenue reached zero right after the COVID pandemic hit.

The offering raised $923.1 million for the company, whose shares are trading on the under the ticker NAVN. It set an initial valuation of around $6.2 billion.

The move to the public markets has been a long time coming for Palo Alto, California-based Navan, which first submitted confidential paperwork for a planned offering more than three years ago.

The company had raised $1.2 billion in debt financing and $1 billion in equity funding from venture investors and credit providers, per 附近上门 . Major venture stakeholders include , and .

Growing revenue

Navan had revenue of $329 million in the first half of 2025, up 30% year over year. Growth comes as the company has been investing in developing its agentic AI offering, Navan Cognition, to automate more cumbersome tasks around travel planning and reporting.

Still, the company remains far from profitable. Navan鈥檚 net loss for the first half of this year came in just shy of $100 million 鈥� up about 7% from the year-earlier period. The loss comes amid higher spending on both R&D and sales and marketing 鈥� common for companies on the IPO track 鈥� looking to appeal to growth-hungry investors.

Per its IPO filing, Navan has incurred net losses in each year since its inception in 2015 and 鈥渕ay not achieve or, if achieved, sustain profitability in the future.鈥�

IPO activity has picked up in 2025, with Navan one of several larger recent debuts, including well-received entries by consumer fintech and blockchain lender . We鈥檙e also seeing heightened buzz around potential new market entrants.

Related 附近上门 query:

Related reading:

• Klarna Shares Pop In Long-Awaited Public Market Entry
• Navan Is Finally Going Public For Real

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the popular co-working company, may publicly file to go public this week . The company’s filing has been long-anticipated, with a September debut rumored most recently.

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The company previously updated its private IPO filing with the government. Its public document will be both more recent, and, critically, available for general viewing.

For WeWork, the moment represents a crucible. After dividing the market with its fast-growth, high-burn model, WeWork’s numbers will finally become wholly clear on a GAAP (unadjusted) basis. The market will get a full picture of WeWork’s financial health after a long history as a private company and some recent partial financial disclosures.

Reminders

Before we ask ourselves what questions remain unanswered at the private company worth around , here is a sketch of its 2017, 2018 and Q1 2019 financial performance.

Calendar 2017:

• Revenue: $886 million
• Net loss: $933 million

Calendar 2018:

• 聽Revenue: $1.82 billion (+105.4 percent)
• Net loss: $1.9 billion (+103.6 percent)

Q1 2019:

• Revenue: $728.4 million (+113 percent)
• Net loss: $264 million ($10 million better than its year-ago Q1 net loss)

On a growth basis, WeWork has proved to be a veritable machine. Putting up nearly as much revenue in Q1 2019 as in calendar 2017 is impressive. However, the company’s unprofitability remains a possible sticking point. For example, WeWork was still on track to lose $1 billion this year if you annualize its Q1 2019 loss.

Questions

I suspect you have your own questions regarding the WeWork IPO and the company’s health. That said, here are several relatively obvious questions that myself, investors, and likely you will be on the hunt for when the document drops.

We’ll break them into a few groups. First, growth. Second, revenue quality. Third, profitability. Or, we’ll start with revenue expansion, consider the company’s gross margins, and finally think about its net results.

Growth

WeWork’s consistently +100 percent or more growth rate is impressive. I will be curious to see if the company can once again post greater than 100 percent year-over-year revenue growth in its Q2 2019 results. If so, investors will go into the company’s offering with no material decline in revenue expansion to consider. That could boost the firm’s value.

Inside that revenue growth figure, however, are different types of top line. What percent of the company’s revenue will come from recurring sources, and what portion from one-time sales? What percent of the company’s revenue stems from software, versus co-working?

Continuing, do large, more stable clients comprise a rapidly expanding percentage of the company’s real estate revenue? Are tenant churn rates rising or falling? Are occupancy rates falling, flat, or improving? And how about rent per square foot, which direction is it trending?

Those questions will help the market grok if WeWork is growing revenue through high-cost expansion of its global footprint, or if the company is also propelled through upsells and rising efficiency at its extant buildings.

Revenue Quality

This is a two-part question, I suppose. First, what is WeWork’s blended gross margin across its various businesses? And second, are smaller, high-growth portions of its business putting up strong gross margins? If the latter is true, a weaker result in our first question could be tolerated.

If that wasn’t clear, let’s try again in English: If WeWork’s revenue apart from co-working income has strong margins and quick growth, the company could argue it deserves a stronger revenue multiple than most real estate companies can command.

Profitability

Finally, is WeWork’s unprofitability decreasing as a percent of revenue quickly enough to blunt criticism of its gross-dollar net losses? If WeWork’s net loss as a percent of revenue is going down consistently, investors may be less worried about total net losses. Provided that WeWork can hold net losses flat while its revenue expands, public markets could prove less worried about the company’s unprofitability than we might have expected.

A wrinkle, however. If WeWork has enormous negative free cash flow, simply holding net losses flat may not be enough for the firm to price where it wants to. Flipping that around, if WeWork’s free cash flow is improving, a flat net loss and quick revenue growth could be the loose ‘path to profitability’ that investors will want.

Growth, of course, would need to be quick for that scenario to hold up.

So What?

We’ve avoided asking what WeWork may be worth, and whether it will live up to its private-market valuation. That’s because there’s little point at this junction. We’ll see the numbers, run the multiples, make the comparison to public comps, and then see what investors are considering regarding a per-share price interval.

It’s up to them, not us. More when we have the filing.

滨濒濒耻蝉迟谤补迟颈辞苍:听.

Last week we saw the public debuts of (results), (results), and (results). If you hoped for an IPO after all of that action, we’re sorry. There’s another IPO this week, and one the week after if the current calendar holds.

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So, in honor of keeping you informed, here’s what you need to know this week regarding the impending public offerings from and .

Livongo

We covered Livongo when it first filed to go public, noting its rapid revenue growth (the company employs a SaaS model to sell its healtech products) and expanding losses. Those results were accompanied by rising cash burn from the firm’s operations.

In a way, Livongo’s rapid revenue expansion and expanding costs relating to growth make it a fun candidate for a public offering; the company needs the cash that it is going to raise in its public debut.

Now, to the news. This morning Livongo with the SEC noting that it intends to sell 10.7 million shares in its public offering at a price of $24 to $26 per share. At midpoint pricing, that works out to a $267.5 million raise, a raft of capital for a firm with $55 million at the end of its most recent reporting period.

Livongo is worth about $2.2 billion at the midpoint of its new range, not counting extra shares made available to its underwriting banks.

The price range from a prior estimate of $20 to $23 per share, meaning that Livongo is seeing market demand that it finds encouraging. Livongo is to price Thursday, and trade Friday.

Livongo, a California-based company, raised while a private company according to 附近上门 data, including capital from and .

Dynatrace

We first sunk our teeth into the Dynatrace offering in early July. At that time, we discovered that the software company was in the process of moving from a license-based company to a SaaS-modeled firm. It can take time to make the switch, as companies swap out old revenue for new, subscription-based top line while trying to grow in aggregate at the same time.

The numbers that Dynatrace is putting up are a lesson by themselves, but what we care more about is the news. And in this case, we have a price range. Dynatrace is an $11 to $13 price range in its IPO. Given that the company is selling 34 million shares itself (extant shareholders are selling stock as well, and there are a few more million more shares set aside for underwriting entities), it could raise up to $442 million in the transaction.

And, at the midpoint of its range, could be worth around $3.47 billion, not counting shares set aside for underwriting entities should they choose to purchase them.

So, this is an even larger offering for a more valuable company than the Livongo deal, but in the case of Dynatrace, we aren’t sure yet when it will price and trade.

Dynatrace, based in Massachusetts, didn’t raise much before . The firm’s only three known funding rounds . The firm raised from and .

And that’s that! You’re all set until later in the week when we’ll watch Livongo go live.

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