IPO Watch
IPO Watch
Canva
$40B 2027 No S-1 Design / SaaS
Melanie Perkins was told no by 100 investors. Then she built a $40B company.
Overview

Melanie Perkins was 19 when she had the idea for Canva. She was teaching design software at university and watching students struggle with tools that were built for professionals, not for people who needed to make a presentation or a social media post. She thought she could fix that.

She was rejected by more than 100 investors. The number is documented. She kept pitching. She eventually got to Bill Tai, a venture capitalist who was also a kite-surfer, and she learned to kite-surf to get more time with him. He introduced her to other investors. The company was eventually funded.

What Canva built is one of the most widely used software products on earth. 260 million users. 29 million paying monthly subscribers. AI design tools that have extended the product into professional use cases that were previously dominated by Adobe. The company is profitable and has been for several years.

The valuation peaked at $26 billion in 2021 — the number everyone quotes — then was marked down to around $26 billion in 2023 in a down round. The most recent number cited is approximately $40 billion, reflecting recovery.

The IPO is a question of timing and venue. Canva is Australian. A Sydney listing would be the first significant Australian tech IPO in years. A Nasdaq listing would attract more institutional demand but creates currency and governance complexities. A dual listing is possible but expensive.

The FreeMalta read: Melanie Perkins is one of the great entrepreneur stories of this generation. The company is real, profitable, and growing. The question is whether public markets will pay 40x revenue for a design SaaS company. Adobe's re-rating after the Figma deal fell through suggests they might.

Catalysts
Profitable. 260M users, 29M paid. AI design tools expanding addressable market. Melanie Perkins founder narrative drives institutional and retail demand. Adobe Figma acquisition failure reduces direct competitive threat.
Risks
Valuation reset from $26B 2021 peak — recovery to $40B needs public market validation. Adobe direct competition remains. Australian listing complications if NYSE not chosen. Revenue multiple at 40x requires sustained growth.
FreeMalta Verdict
Profitable. Real. The founder story sells the IPO. 2027 is the right window.
Frequently Asked Questions
When will Canva IPO?
Canva has not announced IPO plans or filed an S-1. A 2027 listing is widely anticipated. The listing venue — Australian Stock Exchange versus Nasdaq — has not been confirmed.
What is Canva's valuation?
Canva's most recent valuation is approximately $40 billion, recovering from a peak of $26 billion in 2021 and a subsequent down round in 2023.
Who founded Canva?
Canva was founded in 2013 in Sydney, Australia by Melanie Perkins and Cliff Obrecht, who are partners in life and business, along with Cameron Adams.
Is Canva profitable?
Yes. Canva has been profitable for several years, which is notable for a company of its growth stage and distinguishes it from many other IPO candidates.
How many users does Canva have?
Canva has 260 million users globally, of which 29 million are monthly paid subscribers. The platform is used in over 190 countries.
Full Company Profile
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Disclaimer: This page is editorial analysis, not financial advice. Valuations are from private market transactions, secondary sales, and media reports — not public market pricing. IPO timelines are speculative. FreeMalta is an OpenAI Select Partner but has no financial relationship with any company listed on this page. Do your own research before making any investment decision.