Navan plans to unveil its registration for an initial public offering on Friday, setting the stage for an early October listing, according to two sources familiar with the matter.

Goldman Sachs is lead advisor on the offering, the sources said, confirming prior reports.

The Palo Alto-based corporate travel and expense management platform confidentially submitted its S-1 earlier this year, and will make the form public now that it is ready to launch, they said.

Navan, formerly known as TripActions, has been preparing for a public debut for years by bolstering its leadership team and advisory board. Key hires include last year’s appointment of CFO Amy Butte, who held the same position at the New York Stock Exchange during its 2006 IPO. Last month, Navan added former American Express executive Anré Williams to its board.

Corporate travel spend rose 15% year over year, according to the Navan Business Travel Index, which Butte launched shortly after joining. The trend of companies prioritizing in-person connections has supported Navan’s revenue growth in 2025, one of the sources noted.

A wave of successful tech IPOs this year encouraged Navan to move ahead while equity markets remain receptive, according to the sources. Marketing for the deal is expected to begin next week adjusted to account for the Rosh Hashanah holiday, one source noted.

Founded by two Israeli entrepreneurs in 2015, Navan has raised more than USD 1.5bn from investors including Andreessen Horowitz, Coatue, Lightspeed Venture Partners, Greenoaks, and Zeev Ventures.

Its last known valuation was USD 9.2bn in 2022.

In a late-2024 interview, Michael Sindicich, CEO of Navan’s expense division, told this news service the firm generated more than USD 500m in annual revenue and was becoming profitable. At the time, Sindicich confirmed Navan could IPO in 2025, citing data management and security firm Rubrik, project management software provider Monday.com, and marketing automator Klaviyo as comparable public companies, based on financial metrics.

SAP’s Concur competes with Navan in travel expense management, while American Express Global Business Travel is a bookings rival, as reported.

Navan and Goldman Sachs declined to comment.