Is Private Credit the Bigger SaaS Risk? Navan's $400M Goldman Facility and $657M Debt Spotlight Leverage in a Crashing Market

SaaStr·medium signal

SaaStr flags that beyond AI disruption, leverage may be the under-discussed threat to SaaS: Navan carried $657M in debt against $223M cash into its October 2025 IPO, led by a $400M Goldman credit facility, and posted a $100M H1 net loss driven largely by interest expense even as revenue grew 33% to $537M. As public multiples compress in the SaaSpocalypse, debt-laden names face refinancing and illiquidity risk that compounds the agent-disruption narrative. For builders, it's a reminder the SaaS shakeout is part AI substitution, part balance-sheet fragility.