Canva IPO: 2027 Timeline, Valuation & How to Track It

Canva is expected to go public in 2027, not 2026. Co-founder and COO Cliff Obrecht told Capital Brief in April 2026 that Canva is "fully IPO ready" and that he assumes the listing "will be next year", once a shift to an AI-credits business model has bedded in. Canva has not filed a prospectus, chosen an exchange or set a price, and recent fund marks have come in below its US$42 billion valuation from August 2025.

Canva is not listed on OpenStocks as of October 2026. This guide covers the timeline, the valuation reset, the ASX vs US question, and how to track the float as it approaches.

As of October 2026: based on Capital Brief's interview with Cliff Obrecht (17 April 2026) and Australian reporting on fund marks (Forbes Australia, Grafa, 2026). Valuation marks are estimates by fund managers and are not company-confirmed.

When is the Canva IPO?

The best available answer is 2027. Obrecht's April 2026 comments were the most specific any Canva co-founder has given: "From all metric accounts, we are fully IPO ready... I assume it will be next year." He pointed to 40% growth in the prior year and nine years of profitability.

The reason for waiting isn't readiness but timing. Canva is moving its core model from feature-based subscription tiers to one built around AI credits, part of its "Canva AI 2.0" overhaul. Obrecht said the company wants that transition settled so it isn't "having to explain ourselves to the market through a transitional period". In plain terms: list once the new revenue model shows up cleanly in the numbers.

Canva IPO at a glance

Canva valuation: why it has come down

Canva's August 2025 secondary sale valued it at about US$42 billion. During 2026, Australian outlets reported that some large holders, including US fund managers T. Rowe Price and Franklin Templeton, marked their Canva positions lower. Reported marks vary from investor to investor. They are each fund's internal estimates, not transactions, and they change quarterly.

The likely drivers are familiar from 2026's software market: investors are questioning how AI changes the economics of design and productivity tools, and model costs eat into margins for companies that resell AI features. Canva's response, charging for AI usage directly through credits, is designed to protect margins, but it introduces uncertainty until the data comes through. That is exactly what the company says it wants to resolve before listing.

How fund marks, secondary prices and IPO prices relate to each other is covered in pre-IPO valuation explained and pre-IPO vs IPO investing.

Will Canva list on the ASX or in the US?

Canva hasn't said. The Australian startup ecosystem sees a Canva float as its defining liquidity event, and there would be pressure for at least some ASX presence. Large US tech peers and deeper pools of growth capital argue for a US listing. A dual listing is also possible. Until Canva appoints banks and files, any venue claim is speculation.

For UK and European readers, the venue matters less than you might think. Most international brokers give access to both the ASX and US exchanges. What matters more is the IPO allocation process, which tends to favour institutions and local retail channels.

Canva stock: can you buy it before the IPO?

If Canva runs another employee share sale before listing, its price will become the new reference point ahead of the IPO.

How to track the Canva IPO

1. Bank appointments. Usually reported by the AFR, Bloomberg or Capital Brief months before a filing.

2. Venue decision. An ASX prospectus or a US S-1 (confidential first, then public) will settle it.

3. New secondary or tender price. A fresh transaction above or below US$42 billion will signal the likely IPO range.

4. AI-credit metrics. Any disclosed revenue or margin data on the new model will tell you whether the company's stated condition for listing has been met.

5. Peer software IPOs. How 2026 and 2027 software listings trade will shape demand.

A general approach to tracking private names before listing is in how to find pre-IPO opportunities.

Canva among other 2027 candidates

Canva joins a list of late-stage companies pointing to 2027 or later. Databricks' CEO has said 2026 is a poor year to list (Databricks IPO), Stripe says an IPO isn't a priority (Stripe IPO date), and Revolut says 2028 at the earliest (Revolut IPO and share price). Meanwhile Anthropic has filed confidentially and is expected to list sooner (Anthropic IPO). See the full pipeline in pre-IPO companies 2026.

For readers in eligible non-US markets such as Hong Kong, the UAE, the UK and the EU who want onchain price exposure to private companies today, OpenStocks currently lists four names: Anthropic, Figure AI, Anduril and Neuralink. Those BEP-20 tokens provide economic price exposure only, with no ownership, voting, dividends or information rights. They are not available to US persons. See how non-US investors access pre-IPO names.

What investors will look for in a Canva prospectus

Canva has shared headline figures, but a prospectus will be the first full set of audited numbers. The areas likely to get the most attention:

• Monetisation of a huge free user base. Canva has hundreds of millions of monthly users, most on the free tier. The conversion rate to paid plans, and how AI credits change it, is central to the valuation.

• Enterprise growth. Canva has pushed into large organisations, competing more directly with Adobe and Microsoft. Enterprise revenue tends to be stickier and is valued more highly.

• Acquisitions. Canva bought the Affinity design suite in 2024 and AI image generator Leonardo.ai the same year. Investors will want to see how these feed revenue.

• AI costs. Margins after the cost of running AI models, which is the problem the credits model is designed to address.

• Founder control. Whether the founders keep enhanced voting rights after listing.

Who owns Canva?

Co-founders Melanie Perkins (CEO), Cliff Obrecht and Cameron Adams hold large stakes, and Perkins and Obrecht have publicly pledged to give away the majority of their equity over their lifetimes. Investors include Australian venture firm Blackbird, which backed Canva early, and US fund managers including T. Rowe Price and Franklin Templeton. Exact percentages are not public and will appear in the prospectus.

The prospectus will also show how much of Canva's revenue comes from outside Australia and the US, how quickly paid teams grow, and how much the company spends on stock-based compensation. Those are the figures that will decide whether the market accepts a valuation near the 2025 secondary price or closer to the lower 2026 fund marks.

Key takeaways

• Canva expects to IPO in 2027, per co-founder Cliff Obrecht; no filing or venue yet.

• The company says it is IPO-ready, profitable for nine years, and grew about 40% last year.

• The delay is to let a shift to AI-credit pricing bed in.

• Its August 2025 secondary valued it at US$42 billion; several 2026 fund marks are lower.

• Canva is not listed on OpenStocks.

FAQ

Is Canva going public?

Yes, according to its COO, who expects a listing in 2027. Nothing has been filed yet.

What is Canva's valuation?

US$42 billion in its August 2025 secondary sale. Some investors marked it lower during 2026.

Will Canva list on the ASX?

The venue hasn't been announced. ASX, US and dual-listing options are all being discussed publicly by commentators.

Can I buy Canva shares now?

Not on an exchange. Access is limited to company-run share sales and restricted secondaries for accredited or professional investors. Canva is not on OpenStocks.

When was Canva founded?

Canva was founded in Perth, Australia, in 2012 by Melanie Perkins, Cliff Obrecht and Cameron Adams, and launched its design platform in 2013. It is headquartered in Sydney.

Disclaimer

This article is for information only and is not investment advice. Canva is not listed on OpenStocks, and OpenStocks is not affiliated with Canva or any company mentioned. OpenStocks tokens represent economic price exposure only, with no ownership, voting, dividends or information rights, and are not available to US persons or persons in the United States. Eligibility depends on your jurisdiction; see the Terms for the full list of prohibited jurisdictions. High risk, including possible total loss.