Canva: 42 billion dollars, 3.3 billion of annualised revenue, and a listing it keeps contemplating
Key takeaways
- The 42 billion US dollar valuation, 65 billion Australian dollars, was set by a secondary share sale in August 2025 at 1,646.14 dollars a share.
- That was 14.5 per cent above a mark of 48.7 billion Australian dollars set about six weeks earlier.
- Annualised revenue was 3.3 billion US dollars at that date, with more than 240 million people using the product each month.
- The company was reported to be contemplating a listing in 2026. No filing has been made public.
Canva is a profitable, founder-controlled Australian software company that has never needed to sell control to grow, and its valuation history is a useful correction to the idea that private marks only go up. It was marked down in 2022 from a peak of 54.5 billion Australian dollars, then rebuilt past it.
How the price was set
| Figure | What it is | Source and date |
|---|---|---|
| 42 billion US dollars | Valuation implied by a secondary share sale at 1,646.14 dollars a share, led by Fidelity | Startup Daily, 20 August 2025 |
| 48.7 billion Australian dollars | Prior mark, about six weeks earlier | July 2025 |
| 54.5 billion Australian dollars | Earlier peak, before the 2022 markdown | 2021 |
| 3.3 billion US dollars | Annualised revenue at the time of the sale | Startup Daily, 20 August 2025 |
The August 2025 sale was reported as significantly oversubscribed, with JP Morgan Asset Management among the new names joining. An oversubscribed secondary is a stronger signal than a primary round, because the buyers are taking existing paper at a set price rather than funding a plan.
The business behind the number
At 3.3 billion US dollars of annualised revenue the valuation is roughly 13 times sales, which is modest next to the other companies on this site and reflects a product sold largely to small teams and individuals rather than to enterprises. More than 240 million people use Canva each month, and the company reported its artificial intelligence features being used more than 20 billion times.
The competitive question is Adobe, and the comparison the market now uses is Figma, whose listing gave the design software category a public reference point it did not have before.
What a buyer is taking on before a listing
- A stale mark. The documented valuation dates from August 2025. In a fast-moving software market a mark more than a year old is a weak basis for a price today.
- Founder control. Canva is closely held by its founders, who decide if and when a listing happens.
- Currency. The headline figure is quoted in both Australian and United States dollars, and the exchange rate moves the number without anything changing in the business.
- Competition from Adobe and from a newly listed Figma, both of which now price the category publicly.
- A listing that has been contemplated rather than filed. Contemplation is not a timetable.
Exposure before a listing
Canva runs periodic secondary sales, which makes it one of the more accessible names in this group, and also means the price is set at intervals rather than continuously. Unicorn Private buys secondary positions in established private technology companies at this stage, where there is revenue, a product in wide use and a plausible route to an exit, rather than funding companies at the stage where most fail. With Canva the discipline is about the age of the mark being paid against.
The short answer
Canva was valued at 42 billion US dollars by an oversubscribed secondary sale in August 2025, on 3.3 billion dollars of annualised revenue and 240 million monthly users. A 2026 listing has been discussed and not filed. The main caution for a buyer is that the documented price is now more than a year old.
Related guides
- How to value a private unicorn
- Secondary transactions and right of first refusal (ROFR)
- Pre-IPO due diligence checklist
- Anthropic: valuation, revenue and the road to an IPO
- OpenAI: valuation, the deferred IPO and what is actually documented
- ByteDance: a valuation set in the secondary market, and the TikTok question answered
- Unicorn tracker
About the publisher
This guide is published by Unicorn Private Research, the research arm of Unicorn Private LLC, a Delaware private equity firm that acquires secondary stakes in late-stage private technology companies before their IPO. The firm invests only in established companies already valued above one billion dollars, not in early-stage start-ups, and its founders have been active in private equity and startup investing since 2005.
Unicorn Private is the first firm in the pre-IPO secondary market to create an open and entirely free research centre in nine languages: guides, a tracker of the largest private technology companies, a glossary, and a frequently asked questions section, free to read at no cost, with every figure carrying a date and a link to a public source.