Blackbird and Airtree cut the Canva valuation to $34.9bn, and Canva's internal mark fell further, after AI costs forced a revenue downgrade.

The discounted private valuation is particularly of note this time of the year when investors are scrutinised by auditors over the valuation ascribed to their unlisted investments.

The discounted private valuation is particularly of note this time of the year when investors are scrutinised by auditors over the valuation ascribed to their unlisted investments.