Instacart jumps 10% on report of potential sale to Uber or DoorDash

Instacart (CART) closed up 9.2% on Friday after The Information reported the grocery-delivery company was exploring a sale and had held preliminary discussions with Uber (UBER) and DoorDash (DASH). Shares of both potential buyers hit session lows.

Instacart, valued at about $12 billion, is working with an investment bank to evaluate its options, according to The Information. A typical takeover premium of 30% to 40% would put its valuation at roughly $16 billion to $17 billion, though discussions remain preliminary and may not lead to a deal.

Any acquisition would face antitrust scrutiny given the overlap in grocery delivery. Instacart has closer commercial ties with Uber, including a partnership allowing customers to order Uber Eats through the Instacart app.

Instacart’s growth has lagged its larger rivals since its 2023 IPO, with revenue growth slowing to 11% in both 2024 and 2025, versus 28% at DoorDash last year. Still, revenue rose 14% year over year to $1 billion in the second quarter, while free cash flow reached $480 million.

DoorDash previously explored buying Instacart in 2021 at a reported $40 billion to $50 billion valuation, but talks collapsed partly over regulatory concerns. Uber’s recent acquisition agreements for Delivery Hero and ezCater could also complicate a potential bid.