Canva has cut its annual revenue growth forecast by one-third to 20% after the cost of delivering AI features came in far above expectations. According to ChainCatcher, CEO Melanie Perkins said demand for the company’s AI tools was significantly stronger than expected, but Canva will delay a broad rollout until it improves its architecture, lowers unit costs, and refines its business model.

Since the launch of Canva AI 2.0 in April, the cost per task has fallen by nearly 90%, but AI-generated design volume is three times higher than in the previous version, keeping pressure on economics. The case highlights a broader challenge in the software industry, where AI inference costs are eroding the traditional zero marginal cost model.

PitchBook analysts said Canva and Figma are the clearest signs of that trend. Figma’s free cash flow margin fell to 14% in the second quarter from 27% in the first quarter, and its third-quarter revenue growth is expected to slow to 36% from 48%.

Canva previously conducted an employee share sale at a $42 billion valuation. Market expectations had pointed to a 2026 IPO, but analysts now believe it may be delayed until next year.