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Friday, October 30, 2026

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Companies · Friday, October 30, 2026

DoorDash agrees to buy Instacart for $65 a share

The File desk · Oct. 30, 2026, 6:37 a.m. ET

Partially confirmed2 primary sources

Status

Partially confirmed. DoorDash's Oct. 28 filing describes a merger agreement at $65 a share in cash or stock. The about $17 billion equity value, the premium, and the expected closing window are the companies' announcement.
  • Confirmed
    The Form 8-K says DoorDash and Maplebear Inc., known as Instacart, signed a merger agreement on October 28, 2026. Holders may elect $65 in cash, stock, or a mix, with stock capped.
  • Partially confirmed
    The companies' Oct. 29 announcement calls the equity value about $17 billion and says they expect to close at the end of 2027 or in the first half of 2028.
DoorDash agreed on Wednesday to buy Instacart, the grocery-delivery company whose corporate name is Maplebear Inc. The companies put the price at $65 a share, which they call an equity value of about $17 billion. The deal is not closed.12
Instacart stockholders can choose cash, DoorDash stock, or a mix, the securities filing says. Stock is capped at 25 percent of the total. If too many people ask for stock, those elections are cut back and the rest comes in cash. Shares with no election get cash.1
The merger still needs Instacart's stockholders to adopt it. It also has to clear a required antitrust wait, the waiting period under the , the filing says. The companies say they expect to close at the end of 2027 or in the first half of 2028. That clock is their statement.12
Why it matters (Estimate). Estimate. Shoppers and delivery workers are not in one company today. Instacart stays separate until the deal closes, which the companies say may not happen until the end of 2027 or the first half of 2028. The antitrust wait can still stop or delay it. The $17 billion figure is the companies' description of the equity value, not a payment any customer receives.
DoorDash disclosed a commitment letter with JPMorgan Chase Bank for a bridge loan of up to $13.0 billion, which the filing says may be used to pay the cash portion. If the merger goes through, Instacart would survive as a wholly owned subsidiary.1
How we know

Notes

  1. 1.DoorDash, Inc., Form 8-K, date of earliest event reported October 28, 2026. https://www.sec.gov/Archives/edgar/data/1792789/000114036126041111/ef20084547_8k.htm DoorDash entered an Agreement and Plan of Merger with Maplebear Inc. (“Instacart”) and Ibiza Merger Sub, Inc. Merger Sub will merge into Instacart, with Instacart surviving as a wholly owned subsidiary. Each share may be converted, at the holder's election and subject to proration, into $65.00 in cash, or 0.3372 shares of Class A common stock, or $48.75 in cash plus 0.0843 shares. Stock consideration may not exceed 25 percent of the aggregate consideration. Shares with no valid election receive cash. Closing conditions include stockholder approval and “the expiration or termination of the applicable waiting periods under the .” Either party may terminate if the merger has not closed on or before 12 months after the agreement date, subject to up to four automatic extensions of three months each if antitrust conditions are the ones still open. Instacart may owe a termination fee of $650,000,000 in specified cases. A commitment letter with JPMorgan Chase Bank, N.A., provides a 364-day senior unsecured bridge term loan facility of up to $13.0 billion.
  2. 2.DoorDash, “DoorDash Releases Third Quarter 2026 Financial Results,” October 29, 2026. https://ir.doordash.com/news/news-details/2026/DoorDash-Releases-Third-Quarter-2026-Financial-Results/default.aspx The companies announced a definitive agreement to acquire Instacart “for a total value of $65.00 for each Instacart share, or an equity value of approximately $17 billion.” The $65 “represents a 26% premium to Instacart's closing price on October 22, 2026.” “The transaction is expected to close in the end of 2027 or the first half of 2028.” Stockholders holding about 19 percent of Instacart's outstanding shares have agreed to vote in favor. Those sentences are the companies' announcement. This story does not use the quarterly revenue, order, or profit figures on the same page.

What is still unknown or disputed

  • Whether antitrust officials will let the waiting period end. The filing states the condition. It does not report a decision.
  • How many holders will elect stock. The cap is 25 percent. The election has not happened.
  • The earnings figures in the same Oct. 29 announcement. This story does not use them. They are not the merger terms.

Primary sources

Every claim in this story is drawn from the documents below. If a fetch failed, that is recorded on the card.

  1. Source 1

    DoorDash Form 8-K, merger agreement with Maplebear Inc.

    U.S. Securities and Exchange Commission · October 28, 2026

    DoorDash signed a merger agreement on October 28, 2026. Holders may elect $65 in cash, stock at 0.3372 shares, or a mix. Stock is capped at 25 percent.

    https://www.sec.gov/Archives/edgar/data/1792789/000114036126041111/ef20084547_8k.htm

  2. Source 2

    DoorDash Releases Third Quarter 2026 Financial Results

    DoorDash, Inc. · October 29, 2026

    The companies call the equity value approximately $17 billion and say they expect to close at the end of 2027 or in the first half of 2028.

    https://ir.doordash.com/news/news-details/2026/DoorDash-Releases-Third-Quarter-2026-Financial-Results/default.aspx