Instacart (CART) shares closed about 9% higher on Friday, Oct. 23, after reports said the grocery delivery company is exploring a potential sale of itself, with early-stage conversations reportedly involving ride-hailing and delivery rivals Uber and DoorDash. The stock has gained more than 25% this year, a stretch during which DoorDash (DASH) has lost more than 20% of its value.

The reports place two of the largest names in food delivery — Uber (UBER) and DoorDash — in the frame as possible buyers of the grocery platform, though no agreement has been announced. Early-stage discussions of this kind do not commit any party to a transaction, and sale processes run with investment banks can end without a deal.

Early talks with Uber and DoorDash

According to The Information, Instacart has been working with an investment bank to weigh its options. Instacart declined to comment. Other media reports say the company has held early talks with Uber and DoorDash, but the discussions are described as preliminary.

Instacart is in talks to sell itself

Instacart has been working with an investment bank to weigh its options and held at least preliminary conversations with DoorDash $DASH and Uber $UBER – The Information pic.twitter.com/Kk9mhdLTnf

— Evan (@StockMKTNewz) October 23, 2026

Instacart, whose formal corporate name is Maplebear Inc., carries a market value just shy of $12 billion. A typical takeover premium of 30% to 40% would value a deal at up to $17 billion.

Uber shares fell about 3% on Friday, while DoorDash dropped about 4%. Both companies are named as possible suitors.

Why a sale is on the table

Growth is a central part of the story. Instacart has posted annual revenue gains of more than 10% in recent years, and analysts expect that pace to hold through at least 2027.

There is a flip side, however. Revenue growth slowed to 11% in both 2024 and 2025, a marked deceleration compared with the 28% growth DoorDash posted last year. The most recent quarter offered a brighter picture: second-quarter revenue rose14% from a year earlier to $1 billion, and free cash flow reached $480 million. That mix — decelerating revenue growth alongside substantial free cash flow — is the trade-off at the center of the takeover math.

Earnings per share have been choppier in recent periods. Even so, about half of the analysts polled by FactSet rate the stock a buy or overweight.

Interest in Instacart as a takeover candidate is not new. This past summer, Barron's reported that Wolfe Research listed the company as a possible acquisition target, a pick based on its size and its past and expected sales growth.

Who might buy

Uber has the closer ties to Instacart of the two rumored suitors. An existing partnership already allows customers to order Uber Eats through the Instacart app. Even so, Uber's recent $14.8 billion purchase of Delivery Hero could complicate a bid.

Any deal with Uber or DoorDash would likely face an antitrust review because of the overlap in grocery delivery. Market concentration in grocery delivery is precisely what such reviews examine, and regulators' posture is one of the clearest signals to watch as talks progress. DoorDash has been here before: it looked at buying Instacart in 2021, before the grocery company went public, but those talks fell apart partly over regulatory worries.

Instacart has also been adding artificial intelligence ordering options. The company recently partnered with Meta's Muse and announced a ChatGPT integration last December.

On Wall Street, 23 analysts give CART a Moderate Buy rating, with 13 Buy calls and 10 Hold calls. The average price target of $58.38 implies about 3% upside from current levels.