THE NAVAN IPO REMINDS US: AI IS ON FIRE. EVERYTHING ELSE IN B2B? STILL REALLY, REALLY HARD

Summary from the TLDR Founders newsletter

Navan's stock dropped 20% on day one when it went public in Q4 last year. It is still trading 32% below its IPO price. Navan is a legitimate B2B and SaaS category leader - but it isn't AI. Simply being a SaaS company is no longer a ticket to a premium valuation, unless you're building AI infrastructure, AI models, or AI agents.