Canva

Analysis arguing that Canva's AI cost headwinds could put pressure on its $42 billion valuation, while noting that its earliest Australian backers have already banked substantial returns through secondary share sales and still retain significant upside ahead of a potential IPO.

Canva lowered its 2026 revenue growth forecast to roughly 20% from 30% after heavy uptake of its new AI tools proved far more expensive to serve than planned. Second-quarter revenue of about $922 million grew around 25% but missed guidance, and the company says it has since cut the cost of an AI task by about 90% amid rising competition from ChatGPT.

In Canva's Q2 CY2026 update to shareholders, cofounder Melanie Perkins said the average cost of serving an AI task was too high, prompting the design giant to trim its annual revenue growth forecast by about a third to roughly 20% while it works to bring AI infrastructure costs down.