The Australian design unicorn is printing money (and millionaires) while building the next Adobe killer
Fortune says Canva’s latest employee tender offer signals a 2026 IPO is coming.
TLDR: Canva just crossed $3.3B ARR at a $42B valuation, making it the most compelling SaaS / B2B IPO candidate for 2026 — for now. With 240M MAUs, 27M paid seats, and AI driving 800M monthly interactions, this isn’t just another SaaS story—it’s the democratization of design at global scale.
Canva + Databricks + Stripe? The best B2B IPOs are yet to come. We’ve just started.
The Numbers
And they are … awesome:
Revenue Metrics:
- $3.3 billion ARR (~50%+ growth in just over a year)
- 27 million paid seats
- 240 million monthly active users
- Enterprise now represents 20% of revenue
- 8 consecutive years of profitability
Valuation Journey:
- October 2024: $32B valuation
- August 2025: $42B valuation (+31% in 10 months)
- Current revenue multiple: 12.7x ARR
Compare this to the public B2B and SaaS leaders: Adobe trades at 12.5x forward revenue, while Figma’s is valued at 35x ARR. Canva sits right in the sweet spot—not overvalued like early-stage growth plays, but with massive upside if it captures even a fraction of Adobe’s market position.
The AI Strategy Is Real
They’ve rebuilt much of their design software from the ground up around AI capabilities.
The Phoenix Strategy:
- $370M acquisition of Leonardo AI created their proprietary foundation model
- 800M monthly AI interactions (700% YoY growth)
- Native AI tools: Magic Write, Magic Design, Magic Edit
- 120+ specialized AI plugins for everything from avatars to video editing
Canva’s AI tools save users an average of 4 hours per week, with 77% of marketers reporting increased team creativity. This isn’t productivity software—it’s creativity amplification.
Enterprise Adoption Accelerating: Canva Teams saw a 66% increase in average contract value in 2025. Because AI features that start as freemium hooks become enterprise necessities. The product-led growth flywheel is working even at massive scale.
The Figma Comparison: Why Canva May Be an Even Better Bet
Figma’s recent incredible IPO success provides the blueprint for understanding Canva’s potential. The numbers tell a story of Canva’s superior scale and market positioning:
The Figma Reality Check: Scott Chou from ESO Fund noted that “Canva’s tender values the company just above Figma’s current public valuation” despite Canva generating 4x more revenue at a 3.4x lower multiple. This is the definition of relative value.
Key Differentiators:
- Scale Advantage: Canva’s 240M users dwarf Figma’s 13M, indicating broader market appeal
- Monetization Efficiency: Despite lower multiples, Canva generates 4x more revenue than Figma
- Valuation Arbitrage: Canva trades at 12.7x revenue vs Figma’s 43.2x—Canva actually looks remarkably cheap
- AI Leadership: While Figma added AI features, Canva rebuilt around AI from the ground up
- Market Breadth: Figma owns UI/UX design; Canva targets all visual communication
The Valuation Opportunity: If Canva achieved just half of Figma’s current revenue multiple (21.6x), we’re looking at a $71B valuation. Even at Adobe’s conservative 12.5x multiple, that’s $41B—essentially current private market pricing with public market liquidity.
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Market Position: David vs. Multiple Goliaths
Canva isn’t just competing with Adobe—they’re redefining the entire design software market:
Adobe (ADBE): $295B market cap, 20M paying users, focused on professional creatives. Their Firefly AI generated $250M ARR in Q2 2025, but they’re still monetizing AI rather than leading with it.
Canva’s Complete Differentiation:
- 240M users vs. Adobe’s 20M and Figma’s 13M
- Freemium-to-enterprise conversion engine
- Global reach across 190 countries
- Full-stack AI integration, not feature add-ons
The market size validates the opportunity: design software is expected to grow from $13.6B to $24.9B by 2030, driven entirely by AI democratization and enterprise adoption.
The $200B Question
If Canva achieves Figma’s 68.6x revenue multiple at IPO, we’re looking at a $200B+ public company. Even at Adobe’s more conservative 12.5x multiple, that’s $40B+ in public markets.
Bull Case ($150-200B IPO):
- AI-driven market expansion accelerates
- Enterprise adoption reaches 40% of revenue
- International monetization improves
- Maintains 40%+ growth rates
Bear Case ($25-35B IPO):
- Market multiples compress
- Competition from Adobe/Microsoft intensifies
- AI commoditization reduces differentiation
- Macro headwinds impact growth spending
Most Likely Scenario ($75-100B IPO):
- Trades at premium to Adobe but discount to peak growth multiples
- Strong AI differentiation commands 15-20x revenue
- Enterprise growth story resonates with institutional investors
The Bottom Line
Canva represents everything VCs and growth investors want in a late-stage opportunity:
✅ Massive scale: 240M users, $3.3B ARR
✅ Profitable growth: 8 years of profitability with 50%+ growth
✅ Differentiated AI: 800M monthly AI interactions, proprietary models
✅ Enterprise expansion: 20% revenue mix, improving ACVs
✅ Global reach: 190 countries, multiple monetization vectors
✅ Experienced leadership: Proven founders, public-market-ready CFO
It could be the largest B2B IPO since Snowflake. Or will Databricks beat them to it 🙂
Sources: Canva company statements, Fortune, AI Invest, Financial Review
