Instacart going public is notable not just due to its own corporate history. The company raised huge sums, grew immensely during the pandemic and is in the midst of an expanding into advertising and software. The IPO was also set to be a critical affair for other, yet-private unicorns, as it would have provided some indication of how the public market felt about at least one of their peers. Sadly, we are likely bereft of new unicorn liquidity information for the rest of calendar 2022. While disappointing, this turn of events does teach us a few things. (Instacart declined to comment on its IPO timing, but did reveal some juicy info on its Q3 performance — details below.) The Exchange explores startups, markets and money. Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday. Recall that Instacart got a new, lower 409a (internal) valuation earlier this month. So we are seeing the company delay its IPO despite what we could consider to be a lower hurdle ahead of it — in terms of pricing, at least.
What does Instacart’s supposedly delayed IPO teach us about how unicorns think? by Alex Wilhelm originally published on TechCrunch