The Sydney-based company, cofounded by Australian billionaire couple Cliff Obrecht and Melanie Perkins, said its employee share sale is “already significantly oversubscribed,” attributing the demand to investor confidence in the software maker’s performance, according to a statement released Thursday. 

In an email written to staff on Wednesday and seen by the Australian Financial Review, Obrecht, who is also the company’s chief operating officer, said eligible current and former employees, or “Canvanauts,” will be able to sell up to $3 million of their vested equity at a price of $1,646.14 per share. The opportunity comes as Canva’s annual revenue hit $3.3 billion, according to a company statement.

The latest funding round was led by Fidelity Management and Research Co., an existing shareholder, and new investors J.P. Morgan Asset Management and its funds U.S. Equity Group and Growth Equity Partners, Canva noted in the statement.

“This round has been significantly oversubscribed, which is a huge testament to the incredible work of our team and the impact Canva is having around the world,” Obrecht said. “The overwhelming demand from both new and existing investors is a huge vote of confidence in our momentum and the scale of what still lies ahead.”

Marcus Bodet, cofounder of B.I.G. Capital, a private-investment firm that invests in and acquires tech companies, told Fortune the share sale is “significant” since it allows employees to cash out earlier than they’re typically able to. 

“Typically, employees are subject to a lockup and don’t get the benefit of immediate liquidation,” Bodet said. “Given the current market for high-end AI tech talent, this can most certainly serve as an additional lever to help attract and retain the best talent.”

Canva said it services 240 million monthly active users, 27 million of which pay to use its products.

The software company’s $42 billion valuation means Obrecht and Perkins’s combined wealth is now close to $20 billion, according to the Australian Financial Review. Before the latest funding round—when Canva was valued at $32 billion after it sold an undisclosed number of shares last October—the married couple ranked as the sixth-richest Australians, with a net worth of $14.14 billion AUD (about $9.09 billion), according to the Financial Review Rich List.

According to Forbes’s real-time data, the couple’s combined net worth has reached $11.6 billion. Obrecht and Perkins have pledged to transfer more than 80% of their stake to the Canva Foundation for charitable causes.

Canva’s possible 2026 IPO

All signs point to a Canva IPO in 2026, experts tell Fortune. Investors have long speculated that Canva is a candidate to go public.

ESO Fund cofounder Scott Chou told Fortune tender offers happen frequently, and have become more common in recent years as an alternative form of liquidity for employees given the lack of IPO and M&A activity. Figma, which recently completed a successful IPO and competes in a similar space to Canva, hosted a $12.5 billion tender in 2024 before going public at $18.8 billion. 

“Notably, Canva’s tender values the company above Figma’s current public valuation,” Chou said.

Chou said tenders like Canva’s signal a robust and growing business nearing an exit.

“At the same time, they also suggest an IPO is unlikely until at least early to mid-2026, since companies rarely run a tender right before going public,” Chou said. “Either way, it’s a strong showing for Canva and a sign the company may be on track for a 2026 IPO.”