Gravenfors, who specialises in moguls, was injured in a training accident in Finland, and will now undergo surgery that rules him out of competing in Italy next month.
A junior world champion in moguls and dual moguls in 2023, Gravenfors was lying fourth midway through the final of the moguls at the 2025 World Championship before untimately finishing seventh, and was in contention in the dual event before finishing fourth.
He also finished second at the most-recent World Cup event in Waterville City, USA, on 16th January.
Those performances had made the 21-year-old one to watch in Milan/Cortina, but the injury has robbed him of an Olympic debut.
"It's a bit like your worst nightmare coming true," he told Dagens Nyheter.
"For four years I have worked incredibly hard to get here. This past year I have fallen asleep every night thinking about being in the Olympics," said the heartbroken skier.
Gravenfors joins Robin Olgard on the sidelines after the latter injured his knee earlier this season.
Swedish can still call upon 2022 Olympic champion Walter Wallberg, he and Rasmus Stegfeldt will compete in the men's moguls and dual moguls, while Elis Lundholm will compete in both events in the women's competition.