The Information's TITV Nvidia Challenger Cerebras’ Funding, TikTok Update, Navan’s Signal About Tech IPOs | Sep 22, 2025
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Sep 22, 2025 
CJ Gustafsson, founder of the Mostly Metrics newsletter, dives into Navan's S-1 filing, revealing key insights about its revenue model and the current state of tech IPOs. He discusses how Navan's recent financials compare to IPO profitability trends. Meanwhile, Andrew Feldman, CEO of Cerebras, shares updates on their competition with NVIDIA, boasting impressive speed claims and discussing fundraising plans amid a recently resolved national security review. The conversation also touches on the potential impact of recent TikTok deal developments.
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US-Controlled TikTok Structure
- The White House proposed a TikTok split where ByteDance holds under 20% and six of seven board seats are American.
- The US will license a copy of the algorithm while investors like Oracle will retrain and oversee it.
Executive Order Buys Time
- The White House will issue an executive order to outline deal contours and buy investors more time.
- That order is expected to pause the law's divestment deadline by about 120 days to finalize the transaction.
Navan's Three-Layer Monetization
- Navan (formerly TripActions) monetizes via travel take rates, subscription expense management, and corporate cards.
- About 90% of current revenue comes from the usage-based travel take-rate model.