Navan Is Up +30% in 2026 While Public Software Is a Sea of Red — a Rare Outlier in the SaaSpocalypse

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Against an IGV down ~21% YTD and ~30% off its September 2025 peak, Navan is up roughly 30% in 2026, making it one of the few public B2B software leaders gaining. SaaStr argues the divergence is a tell about which models the market still rewards (durable usage/transaction-tied travel-and-expense revenue) versus the per-seat names being re-rated. The 'what's different about the winners' framing matters more than the single stock — it's a live signal of which SaaS structures investors still believe survive the agent era.