Recent investor markdowns have driven Canva’s private valuation lower amid elevated AI infrastructure costs and a slowdown in revenue growth from prior 30%+ targets toward 20%. Backers including Blackbird and AirTree cut marks to $34.9 billion in August 2026, while T. Rowe Price implied $38.2 billion and Franklin Templeton $39.3 billion in mid-2026 filings; secondary and employee-share references sit near $31–37 billion against roughly $4 billion ARR. The August 2025 $42 billion tender remains the last formal high-water mark. With October 31 resolution imminent and no scheduled funding events or IPO filings in the immediate window, trader sentiment centers on whether any late secondary prints or fund updates can reverse the downward trajectory before month-end.