In an updated initial public offering filing, online grocery delivery service Instacart adjusted its valuation to tens of billions of dollars beneath its valuation just one year ago.
According to the filing, Instacart has placed its current valuation at $7.4 billion, or $9.3 billion with options and restricted stock put into consideration.
Instacart also predicted its stock to trade at $26 to $28 per share once it hits the market.
However, Instacart did manage to turn a profit this year, pulling in $242 million in profit during the first half of 2023 compared to the $74 million loss it took during the first half of 2022.
