Instacart's Lower IPO Valuation Shows Risks of Delaying Public Debuts
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Instacart's upcoming IPO shows its valuation has fallen from $39B in 2021 to about $9B currently, teaching unicorns not to delay going public.
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Better to IPO early than face distractions about future exits; running a public company requires navigating unpredictable markets.
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Instacart today is a better business than in 2021 with higher revenue and margins, but growth has slowed as shopping habits normalized.
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Airbnb and DoorDash IPO'd in 2020 and faced volatility, but entering year 3 as public companies with quarterly scrutiny.
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Instacart's CEO was focused on an IPO in 2021, but running a public business is an ongoing challenge, so better to IPO quickly.