Instacart aims for up to $9.3 billion valuation in upcoming IPO, significantly below previous $39 billion valuation

Instacart plans to go public at a valuation between $8.6 and $9.3 billion, well below its 2021 valuation of $39 billion.
The lower valuation reflects investor caution amid rising interest rates and changing market conditions.
Instacart faces growing competition from retailers like Amazon and tech firms like DoorDash in the grocery delivery space.
Instacart has begun generating profits after years of losses, posting $242 million in net income in the first half of 2023.
The success of Instacart's IPO could help reopen the stalled IPO market if investor appetite returns.