Instacart explores a sale at $12B valuation, held talks with DoorDash and Uber
What's the deal? Instacart is exploring a sale that would end its 14-year run as a standalone company, working with an investment bank to weigh its options. The grocery delivery firm, valued at $12 billion, has held at least preliminary talks with DoorDash and Uber, according to people familiar with the matter.
What's happening now? Instacart recently shopped itself to Uber, but the ride-hailing company walked away and the two are no longer in discussions, a person close to Uber said. News of the process sent Instacart shares up 10% in Friday trading.
By the numbers: A typical 30% to 40% takeover premium would value Instacart at roughly $16 billion to $17 billion. In its second quarter, revenue rose 14% to $1 billion and the company generated $480 million in free cash flow, a profitable but slower-growing profile than its larger rivals.
For context, DoorDash's revenue rose 28% in 2025, while Uber's climbed 18%. Instacart's growth has lagged since its 2023 IPO, though shares are up 70% from the offer price.
Not the first time: Instacart, then privately valued at $39 billion, held sale talks with DoorDash in 2021 at a potential $40 billion to $50 billion valuation. Those discussions collapsed, partly over whether a deal could clear antitrust regulators under the Biden administration.
What could go wrong? Any bid would likely invite antitrust scrutiny, given the overlap between Instacart and acquirers that also offer grocery delivery. Trump administration enforcers have been more willing to approve deals with conditions, such as divestitures, but a combination of direct rivals would still face an investigation.
The signal: The process lands as the delivery sector consolidates. Uber agreed to buy Delivery Hero in July and announced a $2.3 billion deal for ezCater in October, while DoorDash has absorbed Deliveroo, Wolt, and SevenRooms. Instacart, a profitable but slower asset squeezed by Amazon's grocery push, would be a notable prize — but the talks are preliminary and far from a deal.
Read more: The Information
Image credit: dombrassey
