Report: corporate expense management tool TripActions, valued at $7.25B in October 2021, confidentially filed for a US IPO in Q2 2023, seeking a $12B valuation
TripActions is said to have filed confidentially to go public in the third quarter of next year at a $12 billion valuation. Source: Insider . Tweets: @yoda and @bayareawriter Source: Ben Bergman / Insider : Exclusive: TripActions has filed confidentially for an IPO, targeting a $12 billion valuation, a rare exception in the frozen IPO market Tweets: Drew Olanoff / @yoda : First IPO in how long? https://twitter.com/... Mary Ann Azevedo / @bayareawriter : When the pandemic hit in March of 2020, @TripActions saw its revenue plummet. It bounced back last year with a $7.25B valuation. Now, it's said to be filing for an IPO at a $12B valuation. https://techcrunch.com/...
Context & Ripple Effects
Insider's Ben Bergman confirms what Bloomberg sources flagged in August, when TripActions was reported close to a confidential filing: the corporate travel and expense tool has now actually filed, targeting $12 billion — a step up from the $275M Series F at $7.25B it raised in October 2021 — and is being pitched as a rare exception in a frozen IPO window.
The filing closes a loop that started with the company's 2017 stealth exit and ran through pandemic-era layoffs of a third or more of staff. Subsequent coverage shows the road was longer than this report implied: the company rebranded as Navan, marked down to $9.2B by October 2022, refiled confidentially in June 2025, and finally listed that September.
First-order effects
- TripActions gains a registered-but-invisible path to liquidity for employees and backers such as Andreessen Horowitz, which led its $250M Series D at a $4B valuation back in 2019.
- The $12B target implies roughly two-thirds growth over the October 2021 Series F mark, a bet that the post-pandemic corporate travel rebound justifies the step-up.
Second-order effects
- If the deal prices anywhere near target, other late-stage companies holding quiet filings get a live read on whether the frozen window opens for travel-adjacent software first.
- Competitors in corporate travel and expense management face pressure toward public-company disclosure — audited financials, loss margins — while still private, since TripActions' numbers will eventually surface either way.
Third-order effects
- The gap between this 2023 filing and Navan's eventual 2025 listing — at a lower headline valuation and, per the September 2025 filing, a $99.9M net loss on $329.4M of H1 revenue — shows 2021-era private marks meeting public-market repricing over multiple years.
- Confidential filings look set to become the default mechanism for late-stage companies testing public demand without telegraphing weakness to rivals or customers mid-process.
The trend: Late-stage companies are using confidential IPO filings to probe a frozen public market, with frothy 2021 private valuations facing years of repricing before they can actually list.