Valuation mark

Blackbird and Airtree cut Canva valuation 17% to US$34.9 billion from US$42 billion

Aug 14, 20263 sources7 of 7 claims verifiedKey signal

Valuation: $35B
Place in VP50: #31
Sources: 3
Claims verified: 7 of 7

What happened

AI summaryWritten from 3 sources, checked claim by claim

Blackbird Ventures and Airtree Ventures, two of Canva's longest-standing backers, cut their valuation of Canva by 17%, from US$42 billion to US$34.9 billion, according to reports published on August 14, 2026. The Australian Financial Review first reported the markdown, and The Next Web put the cut at US$7.1 billion, or A$10 billion. Capital Brief reported that the two firms made the cut after commissioning independent external assessments. The Next Web said neither figure was a transaction.

The Next Web placed the cut beside Canva's recent results. It cited an Australian Financial Review report of August 3 that Canva had cut its expected growth rate by a third, to 20%, and said the company had found it difficult to roll out AI tools given the cost of frontier models. It said second-quarter revenue was $921.9 million, up 25.2%, and missed internal guidance. It said Canva had been valued at $42 billion in an employee share sale and had been expected to list in 2026, and that Derek Hernandez, a senior research analyst at PitchBook, now suggested next year. Capital Brief said Canva was valued at US$42 billion last year and had held valuations around that level through secondary transactions.

Key points

Blackbird and Airtree cut their Canva valuation 17%, from US$42 billion to US$34.9 billion.²³
The Next Web put the cut at US$7.1 billion, or A$10 billion; the Australian Financial Review reported it first.²³
Capital Brief said the firms made the cut after commissioning independent external assessments.²
The Next Web said neither the old nor the new figure was a transaction.³
Canva was valued at US$42 billion last year and held around that level through secondary transactions, per Capital Brief.²

Why it matters

Below the last level

The investors' US$34.9 billion sits under the US$42 billion at which Canva was valued last year and held through secondary transactions. Holders now have a lower figure from long-standing backers to set beside that earlier level.

A mark, not a trade

No shares changed hands at the new figure, so the cut shows how two early investors carry the stake, not a price a buyer paid. Price discovery for a sale would still depend on a transaction.

Listing timing

The Next Web said a 2026 Canva listing had been anticipated and that PitchBook's Hernandez now suggested next year. A later listing bears on when employees and early holders gain access to a public market.

In context

Canva priced rounds
Round	Date	Post-money valuation	Raised	Led by
Funding round	Jan 8, 2018	$1.0B	$40M	Blackbird Ventures
Funding round	May 20, 2019	$2.5B	$70M	Unknown
Funding round	Oct 16, 2019	$3.2B	$85M	Bond Capital
Funding round	Jun 22, 2020	$6.0B	$60M	Blackbird Ventures and Sequoia Capital China
Funding round	Apr 6, 2021	$15B	$71M	Dragoneer and T. Rowe Price
Funding round	Sep 14, 2021	$40B	$200M	T. Rowe Price

Post-money valuation at each priced round. Log scale.Hover a point for the round

Updated Oct 15, 2026

Fact-check

Blackbird and Airtree cut their Canva valuation 17%, from US$42 billion to US$34.9 billion.Confirmed by [2] Capital Brief: the two firms cut their estimate of Canva's valuation by 17%, from USD42 billion to USD34.9 billion. [3] The Next Web gives the same figures and calls both firms among Canva's longest-standing backers.Verified
The cut was US$7.1 billion, or A$10 billion.Confirmed by [3] The Next Web: it is $7.1bn in US dollars and A$10bn, the number most headlines carried.Verified
The Australian Financial Review first reported the cut, which followed independent external assessments.Confirmed by [2] Capital Brief: it says the firms cut their estimate after commissioning independent external assessments, as the Australian Financial Review first reported.Verified
The reports were published on August 14, 2026.Confirmed by [2] Capital Brief, dated 14 August 2026, and [3] The Next Web, dated August 14, 2026, which says the Australian Financial Review reported the markdown on 14 August.Verified
An August 3 report said Canva cut its expected growth rate by a third, to 20%; second-quarter revenue was $921.9 million, up 25.2%, and missed internal guidance.Confirmed by [3] The Next Web, which attributes the growth-rate cut to an Australian Financial Review report of 3 August and gives the second-quarter revenue figures.Verified
Canva was valued at $42 billion in an employee share sale and expected to list in 2026; PitchBook's Derek Hernandez now suggests next year.Confirmed by [3] The Next Web: it names Derek Hernandez as a senior research analyst at PitchBook and says he now suggests next year.Verified
Neither figure is a transaction; Canva was valued at US$42 billion last year and held around that level through secondary transactions.Confirmed by [3] The Next Web: neither is a transaction. [2] Capital Brief says Canva was valued at USD42 billion last year and had maintained valuations around that level through secondary transactions.Verified

Sources

[1]Australian Financial Review (opens in a new tab)Canva's big backers slash $10b from software giant amid AI pivot
[2]Capital Brief (opens in a new tab)Blackbird and Airtree have marked down Canvaafter commissioning independent external assessments
[3]The Next Web (opens in a new tab)Canva's backers cut $7.1bn from its valuation, and its own valuer cut moreNobody bought or sold Canva at these prices