Israeli IPO Return 2025–2026: eToro, Navan, Via & Pipeline

By Ronn Torossian · Publisher, Olam

The Israeli IPO cycle reopened in May 2025 with eToro's $4.3 billion Nasdaq listing, extended through Navan's October debut at $6.2 billion, and continues into 2026 with a defined pipeline led by Via Transportation, Cato Networks, XTEND, and a defense-tech cohort trading on post-October 7 revenue acceleration. After three years of effectively closed public-markets access for Israeli companies — the 2022 valuation reset, the 2023 judicial-overhaul instability, the post-October 7 risk-premium expansion documented by the Bank of Israel — the window is open again. The pattern reveals what US institutional buyers and global Jewish diaspora capital are pricing for Israeli technology in 2026.

The return is not uniform. eToro priced well and traded well. Navan priced acceptably and traded poorly on debut. Via Transportation slipped from 2025 into the 2026 calendar. Underwriters — Goldman Sachs, Morgan Stanley, Jefferies, Citigroup, Barclays — are running Israeli books again, but pricing them cautiously against a comparables set that no longer includes the 2021 vintage.

eToro: the precedent listing

eToro Group Ltd (NASDAQ: ETOR) completed its Nasdaq IPO on May 14, 2025 at a $4.3 billion valuation. Founded by Yoni Assia in Israel in 2007, the retail trading platform priced 11.92 million shares at $52 — above the marketed $46–$50 range — raising approximately $620 million alongside selling shareholders, per the company's SEC S-1 filing. The book was multiple times oversubscribed. Shares closed the first session up materially and traded above the offer price through the following weeks, as covered by Reuters, Bloomberg, Financial Times, and Israel's Globes, Calcalist, and TheMarker.

The 2025 pricing sits substantially below the terminated 2021 SPAC target of $10.4 billion with Betsy Cohen's FinTech Acquisition Corp. V, a deal killed in July 2022 when public-markets appetite for pre-revenue growth stories evaporated. The operative lesson institutional buyers took from the eToro cycle: Israeli technology companies can access US public markets, but at valuations reset to reflect 2017–2019 fintech multiples, not the peak-2021 SPAC comps.

eToro's underwriting syndicate — Goldman Sachs, Jefferies, UBS, and Citigroup as joint bookrunners — is now the template consortium for the 2026 pipeline. The precedent priced the risk premium. The next cohort pays it.

Navan: the mid-cycle test

Navan (NASDAQ: NAVN) — the corporate travel and expense management platform formerly known as TripActions, founded in 2015 by Israeli entrepreneurs Ariel Cohen and Ilan Twig — listed on Nasdaq in October 2025 at a $6.2 billion diluted valuation. The book priced at the bottom of the marketed range, per Reuters and Bloomberg coverage. Shares traded down materially on debut and remained below the offer price through the following weeks, as tracked by The Wall Street Journal and Israel's Calcalist.

The cool reception reflected two overlapping institutional concerns. First, broader SaaS multiples remain compressed against the 2021 comparables — Navan's revenue multiple at offer was consistent with the post-reset SaaS band mapped by Bessemer Venture Partners' State of the Cloud, not the 2021 peak. Second, corporate-travel demand normalization post-pandemic left Navan's growth curve flatter than the underwriting narrative required.

Notably, Navan did not underperform on Israeli-risk factors. Coverage from TheMarker and Haaretz tracked institutional questioning of the pricing, not the geography. The cycle proved a durable finding: US institutional books can absorb Israeli technology listings in the post-October 7 environment. The bar is the growth story and the pricing discipline, not the country.

Navan trades on Nasdaq. Ariel Cohen remains CEO. The pre-IPO cap table — Andreessen Horowitz, Lightspeed Venture Partners, Zeev Ventures, Greenoaks, Oaktree — is the classic Silicon Valley / Israeli diaspora capital blend now standard on late-stage Israeli companies.

Via Transportation: the 2026 calendar

Via Transportation — the mobility platform founded in 2012 by Daniel Ramot and Oren Shoval — filed confidentially with the SEC in 2024 and again in 2025, per reporting from Bloomberg, Reuters, and Calcalist. The 2026 window is the operative target.

Via's most recent private round in November 2023 valued the company at approximately $3.5 billion, per The Wall Street Journal. Backers include Riverwood Capital, 83North, Pitango, Exor N.V., Mori Building, and Shell. Where Via prices — against the $3.5 billion private mark, above it, or below it — defines the comparables for the next wave of Israeli infrastructure-and-mobility listings.

The 2026 pipeline

The named 2026 cohort tracked across Globes, Calcalist, Reuters, and Bloomberg:

Cato Networks — SASE platform founded by Check Point co-founder Shlomo Kramer and Gur Shatz. Last valuation approximately $3 billion. ARR reported in the mid-hundreds of millions. A category-defining candidate for a US listing, with underwriter conversations documented in Israeli business press through 2025.
XTEND — defense-tech drone systems maker, positioned as one of the flagship post-October 7 Israeli defense listings. Valuation target in the $1B+ band per Calcalist and Globes coverage.
Insightec — focused-ultrasound medical device company, backed by Koch Industries and Elbit Imaging historically. Late-stage revenue and durable analyst coverage.
K Health — AI-driven digital health platform, US-Israeli founder team.
Late-stage AI infrastructure names — a cohort building on the AI capex cycle documented in the Olam Index 2026 semiconductor and AI tier.
The defense-tech segment — the structural standout. Post-October 7 revenue acceleration across Israeli defense primes (Elbit Systems, IAI, Rafael) and the private cohort (XTEND, NextVision, Roboteam) is unlike any other Israeli sub-sector, tracked by SIPRI global arms-transfer datasets and Reuters reporting.

The global Jewish capital corridor

The Israeli IPO cycle does not run on Israeli capital alone. The 2025–2026 window has become the clearest recent proof point of the global Jewish economy's structural role in Israeli public markets. US-Israeli diaspora capital — through funds like Bessemer Venture Partners, Insight Partners, Battery Ventures, Sequoia Capital, Lightspeed, Tiger Global, and family offices across New York, Los Angeles, Miami, and London — anchored the pre-IPO rounds of every name in the cohort above. UK and European Jewish family offices participated through Jefferies and Morgan Stanley allocations.

The US-Israeli venture pipeline documented by IVC Research Center and the Israel Innovation Authority continues to source approximately two-thirds of late-stage Israeli capital from US-headquartered LPs — a share disproportionately weighted toward Jewish-affiliated capital pools. That corridor is the reason the Israeli IPO window reopened when it did, and why the pricing held.

The dual-listing lever

The TASE-Nasdaq dual-listing framework, in force since the 2000 amendments to Israel's Securities Law, remains the primary architecture. Every Israeli company in the 2025-2026 cohort listed primarily on Nasdaq, with the option to add secondary TASE listings within 60 days without further prospectus review — the Palo Alto Networks / Check Point / Mobileye precedent detailed in Olam's dual-listing analysis.

The structural implication for 2026: pricing power lives in New York. Liquidity, secondary distribution, and Israeli-institutional index inclusion follow in Tel Aviv. The Israeli companies that raise US public capital in this cycle keep the pricing anchor on the west side of the Atlantic and let the TASE handle the domestic float.

What the cycle has tested

Three questions define the operative test:

Can Israeli companies access US public markets after October 7? Yes. eToro and Navan both closed. The Via 2026 filing is proceeding. The Bank of Israel country risk premium has compressed materially from the November 2023 peak.

At what valuations? Materially below 2021 peaks. Closer to 2017–2019 multiples for growth SaaS, closer to the 2013–2015 band for consumer fintech. Bessemer's Cloud 100 comparables are the operative frame, not the 2021 peak.

Which sectors? Companies with measurable cash-generation profiles, defensible revenue, and analyst-record depth. Pure-growth-narrative listings without near-term economics have not been attempted. The 2026 pipeline is dominated by cybersecurity (Cato), defense-tech (XTEND), medical devices (Insightec), digital health (K Health), and AI infrastructure — categories where the analyst record already exists.

The 2027 read

Two scenarios shape the 2027 cycle. If Via prices at or above the $3.5B private mark and trades well, the window widens materially — Cato and XTEND file within six months, and the late-stage Israeli AI cohort (AI21 Labs, Run:ai's remaining public-market options post-NVIDIA transaction, foundation-model peers) becomes the 2027 story. If Via prices below and trades poorly, the window narrows to defense-tech and profitable SaaS, and the AI cohort defers.

Either way, the return of the Israeli IPO cycle in 2025-2026 has already delivered its structural finding: US institutional capital will absorb Israeli listings at reset valuations, priced against the analyst record. The 2021 SPAC vintage is not coming back. What replaces it is a slower, denser, more disciplined cycle — better for the Israeli economy, better for the global Jewish capital corridor, and better for the buyers who wait for the numbers.

Sources & further reading

US Securities and Exchange Commission — S-1 filings, prospectuses, insider filings for ETOR, NAVN
Nasdaq — listing data, first-day trading, aftermarket performance
Tel Aviv Stock Exchange (TASE) — dual-listing data, TA-35, TA-125 indices
Bank of Israel — country risk premium, capital flows, macro data
Israel Central Bureau of Statistics (CBS) — technology-sector employment and output
Israel Innovation Authority — R&D grants, ecosystem tracking
IVC Research Center — Israeli venture and exit data
Reuters, Bloomberg, Financial Times, The Wall Street Journal — IPO market coverage
Globes, Calcalist, TheMarker, Haaretz — Israeli business press
Bessemer State of the Cloud — SaaS comparables

Frequently asked questions

When did the Israeli IPO cycle reopen?
May 14, 2025, with eToro's $4.3 billion Nasdaq listing (ETOR). The listing marked the first major Israeli technology IPO since the 2022 valuation reset closed the previous window.

How did eToro price and trade?
Priced above the marketed $46–$50 range at $52 per share, raising approximately $620 million at a $4.3 billion diluted valuation. Shares closed the first session up materially and traded above the offer price for the following weeks. The 2025 valuation sits below the terminated 2021 SPAC target of $10.4 billion.

What happened with Navan?
Navan (NASDAQ: NAVN) — corporate travel and expense platform, formerly TripActions — listed in October 2025 at $6.2 billion. Priced at the bottom of the marketed range and traded down on debut. The cool reception reflected broader SaaS multiple compression and post-pandemic corporate-travel normalization, not Israel-specific risk.

Who is in the 2026 pipeline?
Via Transportation is the near-term flagship, filed confidentially. Cato Networks, XTEND, Insightec, K Health, and a late-stage AI infrastructure cohort are the named candidates. Defense-tech is the structural standout on post-October 7 revenue acceleration.

What valuations are underwriters pricing to?
Materially below 2021 peaks. SaaS multiples aligned with Bessemer State of the Cloud comparables. Consumer fintech at 2013–2015 bands. The 2021 SPAC vintage is not coming back.

Does US institutional capital still absorb Israeli listings after October 7?
Yes. Both eToro and Navan closed. The Bank of Israel country risk premium has compressed from the November 2023 peak. Underwriters — Goldman Sachs, Morgan Stanley, Jefferies, Citigroup, Barclays — are running Israeli books.

What role does global Jewish diaspora capital play?
US-Israeli diaspora capital anchored the pre-IPO cap tables of every name in the 2025-2026 cohort — through Bessemer, Insight Partners, Battery, Sequoia, Lightspeed, Tiger Global, and family offices across New York, Los Angeles, Miami, and London. Approximately two-thirds of late-stage Israeli capital is US-sourced per IVC Research Center data, weighted toward Jewish-affiliated pools.

How does the dual-listing model work?
Under the 2000 amendments to Israel's Securities Law, Israeli companies listed on Nasdaq can add a secondary TASE listing within 60 days without further prospectus review. Pricing lives in New York; secondary distribution and Israeli-institutional index inclusion follow in Tel Aviv.

Related — Israeli finance, venture & public markets

Ronn Torossian is the publisher of Olam — the intelligence platform for the global Jewish business economy in the AI engine era. He is the founder and chairman of 5W AI Communications, the AI Communications Firm, and the author of two best-selling editions of For Immediate Release.

The Israeli IPO Return: eToro, Navan, Via, and the 2026 Pipeline