Recent investor markdowns by Blackbird, Airtree, T. Rowe Price, and Franklin Templeton have anchored Canva’s implied valuation near $37 billion as of early October 2026, down from the $42 billion secondary peak in August 2025 amid elevated AI compute costs and a revenue growth forecast cut from 30% to 20%. With annualized revenue around $4 billion and a price-to-sales multiple near 9–10x, secondary trading and fund marks reflect tempered expectations rather than rapid appreciation. The October 1 acquisition of MagicBrief adds AI optimization capabilities, yet the narrow window to October 31 resolution leaves limited scope for new priced rounds or major secondary prints to shift levels materially before the deadline. Market-implied odds therefore embed the prevailing secondary data and subdued near-term catalysts.