Instacart Reportedly in Early Talks on Possible Sale to Uber or DoorDash

Instacart, legally known as Maplebear, is exploring a possible sale and has held preliminary discussions with potential buyers including Uber and DoorDash, according to a Reuters report that cited The Information and people familiar with the matter. The report, published Friday, said the talks are ongoing but there is no guarantee they will lead to a deal.

What The Information's Report Says

Reuters, citing The Information, reported that Instacart has held early-stage conversations with Uber and DoorDash about a potential acquisition. The outlet's sourcing was attributed to unnamed people familiar with the matter, and Reuters stressed that discussions remain preliminary with no certainty of an eventual transaction.

On valuation, the report said a typical takeover premium of 30% to 40%, based on recent public technology deals, would value Instacart at roughly $16 billion to $17 billion. That compares with a current market value of about $12 billion, according to the same Reuters report via Central Oregon Daily News. No specific deal structure, financing terms, or buyer-specific offer was disclosed in the reporting.

Market Reaction

Instacart shares closed about 9% higher on the day the report emerged and were down marginally in extended trading, Reuters reported. Uber shares closed down nearly 3% while DoorDash fell more than 4%, according to the same Reuters report, as carried by Boursorama and Central Oregon Daily News. Separately, Bloomberg Law reported that Instacart shares rallied on the report of sale talks with Uber and DoorDash.

Boursorama's closing-price table, sourced to Reuters, listed Instacart up 9.21%, Uber down 3.45% and DoorDash down 3.53% on the session — a slightly smaller DoorDash decline than the "more than 4%" figure cited in the Reuters story text. Comparing the two exact table values, the gap between Instacart's move and Uber's move was 12.66 percentage points (9.21 minus negative 3.45); that is a straightforward arithmetic comparison of reported closing moves, not a forecast or a claim of causation. The pattern is consistent with what Finimize described as a familiar dynamic in takeover speculation: the target's stock often rises first as investors price in a potential premium, while prospective buyers' shares can fall because the market immediately factors in the cost of paying up, the risk of issuing stock or debt, and the drag of a possible antitrust review, according to Finimize.

No Official Confirmation From Any of the Three Companies

Instacart declined to comment when contacted by Reuters, while Uber and DoorDash did not immediately respond to requests for comment, according to the Reuters report. There is no official confirmation from any of the three companies that a sale is being negotiated, and nothing in the reporting indicates a deal has been reached or is imminent.

Strategic Rationale and Regulatory Risk

Reuters reported that a potential takeover by Uber or DoorDash could bolster the buyer's online grocery delivery ambitions by combining Instacart's established marketplace and retailer relationships with the buyer's own delivery network and customer base. At the same time, Reuters noted that either deal could draw antitrust scrutiny, since it would bulk up two of the biggest food-delivery platforms in the United States and add to a broader wave of consolidation across the sector. Summarizing the same reporting, Finimize said The Information flagged US antitrust scrutiny and that Reuters noted combining major delivery platforms could draw regulators' attention as the sector continues to consolidate.

A Deal That Has Been Discussed Before

This is not the first time DoorDash and Instacart have been linked. Reuters reported that in 2021, DoorDash held talks to acquire Instacart in a potential deal that would have valued the grocery-delivery company at between $40 billion and $50 billion, according to The Information. Instacart was privately valued at $39 billion at the time. Those talks fell apart partly because of concerns over whether the combination could secure antitrust approval under the Biden administration, the report said.

Uber, meanwhile, has recently been active in delivery sector consolidation elsewhere. In July, Uber struck a nearly $15 billion deal to buy Germany's Delivery Hero, creating what Reuters described as the largest food-delivery group outside China.

Valuation Backdrop

The sale report lands against a backdrop of tempered investor expectations for Instacart's standalone growth. Before the report, Instacart shares traded at just 16 times Wall Street estimates for 2027 earnings per share, a multiple that the Food Institute said prices in relatively minimal growth going forward and/or long-term risk to the business, according to the Food Institute.

Bottom Line

The reporting, attributed throughout to The Information and relayed by Reuters, describes Instacart as exploring a possible sale with Uber and DoorDash among the parties it has spoken with, but the talks are preliminary and unconfirmed by any of the three companies. Markets reacted quickly, pushing Instacart shares sharply higher while Uber and DoorDash shares both declined, a pattern consistent with how investors typically price takeover speculation. Whether these conversations advance toward an actual transaction, and what premium or structure any deal might ultimately carry, remains unclear based on the available reporting.