Source: Fortune
Summary
Canva, the Australian design startup, reported that users have created 4.5 billion presentations and 1.4 billion documents on its platform, with nearly 3,000 presentations and 1,000 documents created every minute. The company is expanding into productivity software, competing with Microsoft and Google. Canva’s Visual Suite, launched in 2022, now includes spreadsheets and coding tools. The company also faces rising AI costs, leading to a revised revenue growth forecast. Canva’s AI tools are among the most used globally, but the company is working to reduce AI-related expenses.
Our Reading
The numbers tell one story.
Canva reports massive usage numbers but faces cost challenges from AI.
Productivity tools are growing, but not fast enough to meet expectations.
Mobile usage is key in Asia, where phones are seen as work devices.
AI is a big focus, but costs are a problem.
Canva aims to keep the human in design, not just automate it.
Author: Evan Null
Canva’s Productivity Push
Canva, the design startup, has shared its first hard numbers on productivity usage, showing 4.5 billion presentations and 1.4 billion documents created on its platform. The company is expanding beyond its original focus on social media graphics, aiming to compete with Microsoft and Google in the productivity space.
Its Visual Suite, launched in 2022, now includes spreadsheets and coding tools. Docs has become the third-most popular design type, with adoption tripling in three years. Despite this growth, Canva has had to cut its revenue growth forecast to 20% due to rising AI costs.
Mobile is becoming a critical platform, especially in Asia. In the Philippines and Indonesia, three in five and nearly two in three presentations start on a phone. Adams notes that in these markets, mobile is seen as a productivity device, not just a social one.
AI is a major focus for Canva, with the company now having the third-most used AI web product and fourth-most used AI mobile app. However, the cost of AI services has forced the company to scale back its growth projections.
Canva’s CEO, Melanie Perkins, has acknowledged the need to reduce AI costs before rolling out new features. The company is also targeting an IPO in 2027 as it continues to build out its AI capabilities.
AI Costs and Growth Challenges
Canva’s expansion into AI has brought both opportunities and challenges. The company released Canva AI 2.0 in April, a suite of agentic tools that build designs from conversational prompts. These tools connect to apps like Gmail and Slack, but the cost of running them has become a concern.
CEO Melanie Perkins admitted to Fortune that Canva needed to reduce the cost of completing AI tasks before rolling out features more broadly. This has led to a revised revenue growth forecast of 20%, down from earlier projections.
Despite these challenges, Canva remains focused on integrating AI into its platform without replacing the human element. Cameron Adams, Canva’s cofounder, argues that users still need to refine AI-generated content before sharing it with others.
The company is also working to improve performance on weaker Android devices, particularly in Asia, where mobile is the primary work tool for many users. Engineers have been tasked with ensuring a quick and stable experience on mobile.
Canva’s AI ambitions are clear, but the company must balance innovation with cost control. The path forward involves not just building better tools, but also making sure they are financially sustainable.
Mobile-First Markets and AI Integration
In markets like the Philippines and Indonesia, mobile devices are the primary tools for creating presentations and documents. More than half of presentations in Southeast Asia start on a phone, with even higher rates in the Philippines and Indonesia. This reflects a broader trend where mobile is seen as a productivity tool, not just a social one.
Cameron Adams notes that in these markets, people use mobile devices to comment on documents and make edits. Canva has prioritized this behavior, making sure its mobile app supports these workflows. The company is also investing in performance improvements to ensure a smooth experience on weaker Android devices.
AI is playing a key role in making mobile a more credible work tool. Voice-based interactions, enabled by AI, allow users to suggest changes without needing to type on a small keyboard. Adams says this makes AI more usable in an AI format, allowing users to quickly express their thoughts without structuring them.
However, the integration of AI into mobile workflows is not without challenges. Canva must ensure that its AI tools are both powerful and efficient, especially in regions where users may not have the latest smartphones. This requires ongoing engineering efforts to optimize performance and stability.
As Canva continues to expand its AI capabilities, the company is also working to maintain a balance between automation and user control. The goal is not to replace human creativity, but to enhance it with intelligent tools that make the design process faster and more efficient.
Canva’s AI Ambitions and Market Position
Canva has positioned itself as a major player in the AI space, with its AI tools ranking among the most used globally. According to a16z, Canva has the third-most used AI web product and the fourth-most used AI mobile app. This reflects the company’s growing influence in the AI productivity market.
The release of Canva AI 2.0 in April marked a significant step forward, offering agentic tools that build designs from conversational prompts. These tools connect to apps like Gmail and Slack, allowing users to integrate AI into their workflow more seamlessly. However, the cost of running these tools has become a challenge for the company.
CEO Melanie Perkins has acknowledged the need to reduce AI costs before rolling out new features more broadly. This has led to a revised revenue growth forecast of 20%, down from previous projections. Despite this, Canva remains focused on expanding its AI capabilities and improving the user experience.
Canva’s strategy is not just about building better tools, but also about making them accessible and affordable. The company is working to ensure that its AI services are not only powerful but also sustainable in the long term. This includes optimizing performance on mobile devices and reducing the cost of AI tasks.
As Canva continues to grow, it must navigate the challenges of scaling AI while maintaining its position as a leader in the productivity software market. The company’s future will depend on its ability to balance innovation with cost control and user experience.
Looking Ahead: Canva’s IPO and Future Plans
Canva has set its sights on an IPO in 2027, as it continues to build out its AI services and expand its market presence. Chief operating officer Cliff Obrecht confirmed to Australian outlet Capital Brief that the company is working toward this goal, with a focus on strengthening its AI capabilities and improving its financial performance.
The company’s last known valuation was $42 billion, following an employee share sale in August 2025. COO Obrecht told Fortune in April that shares were still trading around that level, indicating that the company remains a valuable asset despite the challenges it faces.
Canva’s IPO plans come at a time when the company is reevaluating its approach to AI and productivity. The need to reduce AI costs has led to a revised revenue growth forecast, but the company is still confident in its long-term strategy. This includes continuing to invest in AI tools and expanding into new markets.
As Canva moves closer to an IPO, it must ensure that its financials align with investor expectations. This means not only improving its revenue growth but also managing costs more effectively. The company’s focus on AI and productivity will be key to its success in the coming years.
With a strong presence in Asia and a growing user base, Canva is well-positioned to capitalize on the shift toward mobile-first and AI-driven productivity tools. However, the road to an IPO will require careful planning, strategic execution, and continued innovation.
