Canva’s current private valuations cluster around $34.9–39.3 billion following August 2026 markdowns by lead backers Blackbird and Airtree to $34.9 billion and lower internal 409A marks near $31 billion, down from the $42 billion peak set in the August 2025 employee tender. Institutional filers including T. Rowe Price and Franklin Templeton have similarly revised holdings to implied levels of $38.2 billion and $39.3 billion, reflecting slower revenue growth forecasts (now ~20% versus prior 30% targets), elevated AI infrastructure costs, and broader private-market caution. The October 1 acquisition of MagicBrief adds enterprise marketing tools that could support longer-term positioning, yet with the October 31 resolution date approaching and no imminent liquidity event or major funding round, trader-implied odds center on whether secondary or fund marks can rebound above key thresholds amid ongoing AI margin pressure and IPO expectations shifting into 2027.