Recent investor marks and secondary trading activity have driven Canva’s implied private valuation to the $34.9–38.2 billion range as of October 2026, with Blackbird Ventures marking holdings at $34.9 billion in August and T. Rowe Price assigning an implied $38.2 billion after a 9% write-down. Slower revenue growth, now tracking near 20% year-over-year against a $4 billion annualized run rate, combined with elevated AI-related costs, prompted these adjustments from prior $42 billion benchmarks. No new funding round, tender offer, or material positive catalyst has emerged in the past 30 days to support re-rating, while Nasdaq Private Market prints and employee-share valuations remain subdued near or below $37 billion. With resolution on October 31 imminent, limited time remains for any late secondary activity or disclosure to shift consensus.