Lightspeed Management Made a Huge Bet on Navan (NAVN) With a Purchase of 49.9 Million Shares
Key Points
Acquired 49,921,454 NAVN shares; estimated trade size $852.66 million (quarterly average price basis)
Transaction equaled 61.06% of 13F reportable assets under management
Post-trade: 49,921,454 shares held, stake valued at $852.66 million as of December 31, 2025
Navan now comprises 61.06% of fund AUM, making it the fund's largest position by value
What happened
According to an SEC filing dated February 17, 2026, Lightspeed Management Company, L.L.C. initiated a new position in Navan (NASDAQ:NAVN), acquiring 49,921,454 shares. The quarter-end value of the NAVN position stood at $852.66 million.
What else to know
- The new position now represents 61.1% of the fund's 13F reportable AUM.
- Top holdings after the filing:
- NASDAQ: NAVN: $852.66 million (61.1% of AUM)
- NYSE: NOW: $273.22 million (19.6% of AUM)
- NASDAQ: KDK: $80.16 million (5.7% of AUM)
- NYSE: BLND: $70.31 million (5.0% of AUM)
- NASDAQ: PSNL: $64.96 million (4.7% of AUM)
- As of February 17, 2026, shares were priced at $9.97 per share.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close Feb. 27, 2026) | $9.74 |
| Market Capitalization | $2.42 billion |
| Revenue (TTM) | $656.34 million |
| Net Income (TTM) | ($371.92 million) |
Company snapshot
- Navan, Inc. provides an AI-powered software platform focused on travel, payments, and expense management solutions, including booking, policy enforcement, payment processing, and expense reconciliation.
- Navan primarily serves finance, human resources, travel managers, and inventory markets.
- The company was formerly known as TripActions, Inc. and changed its name to Navan, Inc. in February 2023.
Navan, Inc. is a technology company specializing in AI-driven travel and expense management solutions for businesses. With a strong presence in the enterprise software sector, the company leverages automation to improve efficiency and compliance in corporate travel and expense workflows. Its scalable platform and focus on user experience provide a competitive edge in the growing business travel technology market.
What this transaction means for investors
Lightspeed’s big bet on Navan and its AI-driven travel and expense management business haven’t worked out well for the firm’s portfolio. The stock has fallen by 43% since the end of 2025.
Navan doesn’t expect to report results from its fiscal fourth quarter that ended in January until March 25. During its fiscal third quarter that ended on Oct. 31, 2025, the company reported sales that rose by 29% year over year to $194.9 million. The company also reported an adjusted gross profit margin that rose to 74% from 72% during the previous year period.
Navan’s bottom line also moved in the right direction, on an adjusted basis. During its fiscal third quarter, Non-GAAP net income rose to $9 million from a loss of $14 million. On a GAAP basis, the company reported a $225 million loss in its fiscal third quarter.
Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ServiceNow. The Motley Fool has a disclosure policy.