Op Ed: Travel Again Advisory’s Mike McCormick On Navan’s Planned IPO As A Market Reset

Industry veteran Mike McCormick of Travel Again Advisory makes a bull case for the impact of the planned Navan IPO.

The upcoming IPO of Navan, paperwork for which was filed confidentially in June, is more than just the next chapter for a high-growth travel tech company. It is a defining moment for the broader ecosystem of managed corporate travel and payment services. This move, long anticipated by insiders and investors and delayed more than once, will not only shape Navan’s future, but also catalyze fundamental changes across the industry.

While the exact timing and valuation remain undisclosed, reports suggest a potential valuation of over $8 billion, which is below Navan’s last private valuation of $9.2 billion. Founded in 2015 as TripActions, the company amassed a record amount of capital for a corporate travel business (estimated at $2.25 billion) over 14 rounds of fundraising (both equity and credit/debt) during the past eight years. Their prominent list of investors include such notables as Andreessen Horowitz, Lightspeed Venture Partners, Zeev Ventures and Goldman Sachs.

As we wait for the IPO to consummate, it is worth taking this opportunity to look ahead at the impact this will have on our entire industry.

Here’s why this matters … and what happens next.

Navan’s public debut will immediately reset how investors and acquirers value companies in this sector. For years, managed travel and payment providers have struggled with outdated valuation models tied to legacy revenue streams and service delivery. Navan’s positioning as a technology-first, vertically integrated solution with a recurring revenue model provides a more modern reference point for valuation. Navan is trying to capitalize on blending SaaS multiples with travel transaction volume metrics.

Once public, Navan’s market capitalization and trading performance will serve as the new benchmark for private and public companies alike. This could result in meaningful revaluations for other players — positively or negatively — depending on how closely their models and margins align with Navan’s.

An IPO is often a bellwether for a wave of consolidation, and Navan’s would be no exception. As the company gains capital and visibility, smaller players and private equity-backed platforms will face pressure to find scale quickly or risk being left behind. Expect an uptick in strategic M&A as companies attempt to bolster capabilities, expand globally, or integrate expense, payments and travel into unified offerings.

Navan’s move could also trigger portfolio reshuffling by investors shedding underperformers or doubling down on complementary assets that can ride the tailwind of a public comparison with momentum.

With its IPO proceeds, Navan would join the ranks of corporate travel companies with the scale, budget and investor mandate to invest aggressively in technology. It’s no longer enough to simply offer personalized service or deep supplier relationships. Clients increasingly are demanding real-time personalization, AI-driven recommendations and support, fully integrated payments and consumer-grade user experience.

This will create an evolving top tier of players that could include Amex GBT, SAP Concur and perhaps three or four others who can credibly invest in product, data and automation at scale. For everyone else, the choice becomes clear: partner, specialize or exit.

The ripple effects of Navan’s IPO may influence decisions far beyond Wall Street. Airlines and hotel chains may revisit their distribution and corporate pricing strategies, weighing the growing power of intermediaries like Navan against traditional TMCs. GDS providers and travel tech platforms may see increased demand for open APIs and flexible integration, as travel buyers expect seamless experiences across providers.

Additionally, talent may shift toward growth-oriented tech players, further widening the innovation gap between legacy incumbents and digital natives. Even regulatory scrutiny around payments and expense reporting could take on new urgency, given the increased visibility and scale of the players involved.

No matter the financial outcome of Navan’s pending IPO, this marks more than a corporate milestone. It signals a strategic pivot point for the entire managed travel and payments ecosystem. The winners in this next chapter will be those who can scale with purpose, invest with vision and adapt with agility.

For every stakeholder in the industry, regardless of the future financial success of Navan, one thing is clear: this post-IPO landscape will look very different from the one we knew before.

This Op Ed was created in collaboration with The Company Dime’s Editorial Board of travel managers.