Navan will be the first large company to debut without a fully functioning Securities and Exchange Commission.

Corporate travel and expense management firm Navan Inc. (NASDAQ: NAVN) burst onto the public markets this week, raising about $923 million in its long-awaited U.S. IPO.

Inflammation biotech Evommune plans to take the leap into public waters with an expected initial public offering price of $15 to $17 per share. | Inflammation biotech Evommune plans to take the leap into public waters with an expected initial public offering price between $15 and $17 per share.

Navan finished its first day trading at an approximate valuation of $4.7 billion, which is about half of its last private valuation of $9.2 billion.

The deliberations come as AI is driving a surge in public markets. Earlier this year, AI cloud company CoreWeave went public at a $23  billion valuation and has roughly tripled since. On Wednesday, Nvidia became the first company to reach a $5  trillion market value, powered by a rally that has cemented its role at the center of the global AI boom.

Navan priced its IPO at $25 per share, aiming to raise around $700 million, with shares set to begin trading on Nasdaq. The company has grown through both organic expansion and strategic acquisitions, and plans to continue acquiring companies post-IPO.

Navan's shares started trading 12% below their initial public offering price on Thursday, as the travel technology company faced choppy market conditions amid a prolonged U.S. government shutdown.

According to a filing with the Securities and Exchange Commission dated October 20, 2025, Renaissance Capital reported a new stake in Circle Internet Group, purchasing 51,208 shares during the third quarter.

The IPO preparations follow a restructuring of OpenAI completed on October 28 that reduced the company’s reliance on Microsoft, which has committed to investments of $13 billion and now owns about 27 percent of the company. OpenAI was most recently valued around $500 billion in private markets.

British lender Shawbrook is set to float on the London Stock Exchange on Thursday at a valuation of about 1.92 billion pounds ($2.58 billion) after pricing its shares at 3.70 pounds each, in what will be London's biggest initial public offering in two years.

Shares of Navan Inc. fell sharply on Thursday after the Palo Alto-based business travel and expense management software company made its public debut during the ongoing US government shutdown. The listing marks the largest initial public offering to proceed amid the regulatory disruption, which has slowed IPO activity across the market.