DoorDash just made the biggest bet of its life. The delivery giant said Thursday it will buy Maplebear, the company you know as Instacart, for $65 a share. That prices Instacart at about $17 billion and represents a 26% premium to its Oct. 22, 2026 closing price, before word of a potential deal started floating around.

Investors liked what they heard. DoorDash (DASH) shares were up 7.38% at $182.00 in premarket trading, while Maplebear (CART) shares edged up 0.65% to $58.80.

How the Deal Gets Paid For

Instacart shareholders have options. They can take $65 in cash, 0.3372 DoorDash shares, or a combination of $48.75 in cash and 0.0843 DoorDash shares for each Instacart share they own. The stock portion is capped at 25% of the total deal value, and if too many people want stock, it gets prorated.

DoorDash plans to cover the cash part with cash on hand and debt financing. The company had $5.05 billion in cash and equivalents as of Sept. 30, 2026, so it has a decent chunk of the bill covered before it calls the bankers.

The deal is expected to close in late 2027 or the first half of 2028. Before then, it needs Instacart shareholder approval, the expiration or termination of the Hart-Scott-Rodino antitrust waiting period, and regulatory approvals in other jurisdictions. Until closing, both companies keep operating independently.

Instacart's board unanimously approved the agreement, and shareholders holding about 19% of its outstanding shares have already agreed to vote in favor. That is a nice head start.

What Happens After the Handshake

DoorDash says it plans to keep grocery delivery nonexclusive after the deal closes, meaning grocers can still work with any platform they like. That is a smart promise to make early, given the antitrust spotlight.

Instacart Shoppers would keep key features, including flexible schedules and the ability to choose which orders to accept, including whether to take DoorDash orders. DoorDash also expects to retain Instacart's brand, enterprise technology products and app.

The combined company aims to help retailers of all sizes compete with major online retailers by pairing DoorDash's delivery network with Instacart's grocery fulfillment technology, advertising and AI tools. Those services would be available through both companies' apps and retailers' own websites, helping stores expand online order capacity, increase sales and offer faster, more affordable delivery.

Consumers get more choice too. Instacart customers would gain access to more than 50,000 additional stores beyond the nearly 100,000 already on its platform. And here is a nice perk: DashPass and Instacart+ members could use one membership fee instead of paying for two subscriptions, generating estimated annual savings of $100 million. That is real money for households juggling both services.

The combined platform could also give brands another digital sales channel through Instacart's retail media tools.

DoorDash CEO Tony Xu said the deal could give local stores better tools to compete. Instacart CEO Chris Rogers highlighted opportunities to improve customer experiences, accelerate grocery innovation and make online shopping more convenient and affordable.

The Numbers Behind the Announcement

DoorDash reported third-quarter earnings of $1.06 per share, beating the $0.84 analyst estimate. Revenue reached $4.616 billion, topping the $4.564 billion consensus.

For the fourth quarter of 2026, DoorDash expects Marketplace GOV of $35.4 billion to $36.4 billion and adjusted EBITDA of $900 million to $1.1 billion.

Instacart's quarter was more mixed. Maplebear reported third-quarter earnings of 60 cents per share, missing the analyst estimate of 63 cents. Revenue reached $1.095 billion, beating the $1.071 billion consensus.

Following its agreement to be acquired, Instacart canceled its earnings call scheduled for Nov. 5, 2026. It also suspended financial guidance and withdrew its previously issued long-term outlook while the transaction is pending. That is standard practice once a company is getting bought, but it also means investors lose their usual window into how the grocery business is performing on its own.

So what is the takeaway? DoorDash is spending $17 billion to become a grocery powerhouse, and it is doing it with a mix of cash, stock and debt. If regulators sign off and shareholders vote yes, the delivery landscape could look very different by 2028. And if you are a DashPass and Instacart+ subscriber, you might eventually have one less subscription to worry about.