Australia’s most valuable startup is “fully IPO ready”, but what’s stopping them from going public? AI.
Canva COO and co-founder Cliff Obrecht confirmed this week that the Perth-founded design giant is pushing its long-awaited stock market listing back to 2027. By delaying its IPO, Canva is set to complete what he describes as the most consequential transformation in the company’s thirteen-year history.
This week, in front of 6,000 people at its annual product launch in Los Angeles, Canva unveiled AI 2.0. Where Canva has until now been a design platform with AI tools added on top, Canva 2.0 aims to "reimagine how the world creates” by introducing a conversational system, where users can brief, build and publish without operating the tools.
Canva’s AI transformation hasn’t come out of nowhere. Behind Canva 2.0 is an acquisition spree that has been quietly reshaping the company for two years. Since 2024, Canva has acquired 8 AI-focused companies, spending more than $400m to assemble the capabilities it needed to pull off its reinvention. The most recent additions - Simtheory and Ortto were announced just days before the Los Angeles event.
Canva’s IPO will be massive. Behind the AI announcement and a decade of reshaping the graphic design industry are some impressive numbers. Canva now has more than 265 million monthly active users and over 31 million paying subscribers. Revenue hit $5.6bn last year, and the company has been profitable for nine consecutive years.
For investors, the delay of its listing is another test of patience. But looking at the acquisition trail, the product transformation and its numbers - it’s hard to argue with Canva’s logic. While ready, Canva is going to arrive and list on its own terms and when it does, there is little doubt investors will be waiting.
