Canva's Valuation Adjusted to $34.9 Billion, AI Costs Exceed Expectations Impacting High Growth Valuation
Australian venture capital firms Blackbird and Airtree have adjusted Canva's latest valuation to $34.9 billion, down from $42 billion in 2025.
Canva's internal valuation has also dropped to $31 billion, previously $38.9 billion.
This adjustment comes as the company faces challenges in the AI era, recently lowering revenue growth expectations due to high costs of cutting-edge models and delaying some product launches.
Blackbird, as a major Australian supporter, updated investors on fund valuations reflecting independent assessment results.
Canva previously set a higher valuation through share sales, but discounts have appeared in the secondary market.
The company remains an important player in the design software field, but the costs of AI transformation and competitive pressure are affecting its valuation trajectory.
On the market side, the valuation adjustment intensifies scrutiny on the ROI of AI investments for SaaS companies, with funds flowing towards tech stocks with clear AI profit paths, benefiting competitors with effective cost control while pressuring high-valuation design and creative software companies.
Source: Public Information
ABAB AI Insight
Canva has long been supported by local funds like Blackbird, growing into a unicorn; this adjustment is directly related to the unexpected costs of AI models and the lowering of revenue guidance, reflecting the growing pains of transitioning from a high-growth design tool to an AI-driven platform.
In terms of capital pathways, investors are digesting secondary market discounts and growth slowdowns through independent valuation updates, shifting funds from high-valuation narratives to more cautious AI ROI assessments, consequently delaying the IPO window.
Similar cases can be seen with design software companies like Adobe and Figma adjusting valuations under AI impact, currently in a phase of repricing the costs and benefits of AI in creative tools.
Essentially, this represents a valuation reconstruction under technological substitution: the costs of cutting-edge models erode profit expectations, leading to a contraction in growth premiums.
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