Recent investor marks and secondary trading data have pulled Canva’s implied valuation to roughly $37–38 billion as of mid-October 2026, down from the $42 billion August 2025 employee tender. Major holders including Blackbird Ventures, AirTree, T. Rowe Price, and Franklin Templeton have marked holdings lower amid slower revenue growth—now tracking toward 20% year-over-year—and elevated AI-related costs. Nasdaq Private Market prints and fund filings reflect this reset, with limited secondary volume offering few upward catalysts before the October 31 resolution window. Positive developments such as the MagicBrief acquisition and deeper ChatGPT integrations support user engagement but have not yet reversed the downward repricing trend in observable private-market data.