Instacart sale talks surfaced Friday after The Information reported preliminary discussions with potential buyers, including DoorDash and Uber, while Bloomberg reported that Uber walked away and the two sides are no longer in discussions. Shares of Instacart, which trades as Maplebear, rose as much as 9.2% to $56.44. A 30% to 40% premium, based on recent public technology deals, would value the company at roughly $16 billion to $17 billion.
Key Takeaways
- Instacart is exploring a sale after early talks with DoorDash and Uber.
- A 30% to 40% premium would mean about $16 billion to $17 billion.
- Bloomberg says Uber walked away; other talks may not yield a deal.
- A DoorDash or Uber takeover could face antitrust scrutiny.
Instacart Sale Talks Remain Early and Unsettled
An investment bank is helping Instacart weigh options, The Information said, according to the New York Post and WebProNews. Discussions are early and may not produce a deal. Instacart did not immediately respond to Bloomberg, declined to comment to Reuters, and a spokesperson declined to comment to the Post. Uber and DoorDash did not immediately comment to Bloomberg or respond to Reuters.
Reuters-based reports put the close about 9% higher, with nearly 1% more in extended trading, Uber down nearly 3%, and DoorDash down more than 4%. The Economic Times, citing The Information, still cast talks with Uber and DoorDash as ongoing, which diverges from Bloomberg.
Valuation Sits Far Below the 2021 Talks
Antitrust concerns helped derail DoorDash’s 2021 talks to buy Instacart at $40 billion to $50 billion, The Information previously reported. Those discussions broke down partly over regulatory approval during the Biden administration.
A 2021 private round valued Instacart at $39 billion; the 2023 IPO valued it at roughly $10 billion. Shares have gained roughly 70% since the listing, but revenue growth slowed from 19% in 2023 to 11% in each of the next two years.
WebProNews put market value at about $12 billion; the Post said about $13 billion. DoorDash at roughly $80 billion and Uber at about $135 billion are the Post’s figures. The Post also said advertising has yet to close the growth gap with DoorDash, whose 2025 revenue rose 28%, and Uber, up 18% including ride-hailing.
| Reported figure | Instacart | DoorDash | Uber |
|---|---|---|---|
| Market value | About $12 billion | Roughly $80 billion | About $135 billion |
| Friday move (Bloomberg) | Up as much as 9.2% to $56.44 | Down 3.5% | Down 3.4% |
| Growth cited | Q2 revenue up 14% | 2025 revenue up 28% | 2025 revenue up 18% |
Rivals Already Named in the Filing
Uber and DoorDash have encroached further on grocery, and Amazon, which owns Whole Foods, has expanded delivery too. Bloomberg said that competition could make a sale to a larger rival the best path to shareholder returns and a longer-term future.
Instacart’s latest 10-Q names DoorDash and Uber Eats as competitors in ecommerce and fulfillment for retailers, and again in advertising, WebProNews reported. Uber is also a partner: restaurants are offered “via our partnership with Uber,” the filing says. A 2024 deal added Uber Eats restaurant delivery in the grocery app, and last year Uber began using Carrot Ads for sponsored grocery placements on Uber Eats.
DoorDash, at roughly $80 billion, bought Deliveroo and SevenRooms in 2025 and Wolt for about $8 billion three years earlier. Uber, at about $135 billion, has agreed this year to pay roughly $15 billion for Delivery Hero and more than $2 billion for ezCater. The Information, as reported by the Post, said Uber’s recent dealmaking could complicate a potential bid for Instacart.
Ads, Cash Flow, and Antitrust Risk
Instacart works with more than 2,200 retail banners covering nearly 100,000 stores and sells them software and ads. WebProNews, citing August results, said second-quarter advertising and other revenue rose 16% to $297 million, ahead of a 14% rise in gross transaction value to $10.35 billion. It earned $111 million on $1.043 billion of revenue, generated $480 million of free cash flow, and spent $325 million on buybacks. The company has said it plans to devote most of this year’s free cash flow to repurchases.
Retailers also pay for Storefront Pro sites and Caper carts, which Morrisons uses in the U.K. Stew Leonard’s and Woodman’s signed on for AI software in the quarter. Chief executive Chris Rogers said the company aims to “accelerate adoption of our enterprise technologies with retailers.”
The reports do not say whether those tools would stay neutral if a rival owned them, the question marketers would have to reopen. A takeover by either company could face antitrust scrutiny over competing grocery delivery, the Post said.
WebProNews said Reuters said either Instacart deal could draw antitrust scrutiny and would add to a wave of consolidation in food delivery. WebProNews said Uber’s July offer values Delivery Hero equity at $14.8 billion and would extend Uber’s platform to 99 markets. The acceptance period is open until November 5 at 6 pm New York time, the same day Instacart reports third-quarter results after the close, with a call at 5 pm ET.
- Retailer banners, ads, and enterprise software sit inside any premium.
- November 5 pairs the Delivery Hero deadline with Instacart’s quarterly report.
- No agreement exists, and Bloomberg says Uber has walked away.
- Reported premium value is $16 billion to $17 billion, not the 2021 price.
