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Fidji Simo, chief executive officer of Instacart Inc., speaks during a Bloomberg Studio 1.0 interview in San Francisco, California, U.S., on Thursday, March 3, 2022.

David Paul Morris | Bloomberg | Getty Images

Instacart, the grocery-delivery company that saw its business boom during the pandemic, priced its long-awaited IPO at $30 a share on Monday, and will become the first notable venture-backed tech company to hit the U.S. public market since December 2021.

The offering came in at the top end of the expected range of $28 to $30 a share, and values Instacart at about $10 billion on a fully diluted basis. There were 22 million shares sold in the initial public offering, with 14.1 million coming from the company and 7.9 million from existing shareholders. The stock is set to debut on the Nasdaq Stock Market on Tuesday under ticker symbol “CART.”

The 11-year-old company, which delivers groceries from chains including Kroger, Costco and Wegmans, had to drop its stock price dramatically to make it appealing for public market investors. In early 2021, at the height of the Covid pandemic, Instacart raised money at a $39 billion valuation, or $125 a share, from prominent venture firms like Sequoia Capital and Andreessen Horowitz, along with big asset managers Fidelity and T. Rowe Price.

The tech IPO market has been largely shuttered since December 2021, as inflationary pressures and rising interest rates pushed investors out of risk and led to a plunge in the prices of internet and software stocks. Instacart’s performance, along with the upcoming debut of cloud software vendor Klaviyo, could help determine if other billion-dollar-plus companies in the pipeline are willing to test the waters.

Instacart has sacrificed growth for profitability, proving in the process that its business model can generate earnings. Revenue increased 15% in the second quarter to $716 million, down from growth of 40% in the year-earlier period and about 600% in the early months of the pandemic. The company reduced headcount in mid-2022 and lowered costs associated with customer and shopper support.

Instacart started generating earnings in the second quarter of 2022, and in the latest quarter reported $114 million in net income, up from $8 million a year prior.

At $10 billion, Instacart will be valued at about 3.5 times annual revenue. Food-delivery provider DoorDash, which Instacart names as a competitor in its prospectus, trades at 4.25 times revenue. DoorDash’s revenue in the latest quarter grew faster, at 33%, but the company is still losing money. Uber’s stock trades for less than 3 times revenue. The ride-sharing company’s Uber Eats business is also named as an Instacart competitor.

The bulk of Instacart’s competition is coming from Amazon as well as big brick-and-mortar retailers, like Target and Walmart, which have their own delivery services. Target acquired Shipt in 2017 for $550 million.

Sequoia is Instacart’s biggest investor, with a fully diluted stake of 15%. While the Silicon Valley firm is sitting on a paper profit of over $1 billion on its total investment, the $50 million in shares it purchased in 2021 are now worth about one-quarter that amount.

Instacart co-founder Apoorva Mehta owns shares worth over $800 million, and is selling a small portion of them in the IPO. Mehta has been executive chair since the company appointed ex-Facebook executive Fidji Simo as his successor as CEO in 2021. Mehta is resigning from the board in conjunction with the IPO, and Simo is assuming the role of chair.

Goldman Sachs and JPMorgan Chase are leading the deal.

Only about 8% of Instacart’s outstanding shares were floated in the offering, with 36% of those sold coming from existing shareholders. The company said co-founders Brandon Leonardo and Maxwell Mullen are each selling 1.5 million, while Mehta is selling 700,000. Former employees, including those who were in executive roles as well as in product and engineering, are selling a combined 3.2 million shares.

WATCH: Klaviyo follows Instacart in tech IPO down rounds

Klaviyo follows Instacart in tech IPOs with decreasing valuations

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Trump advisor Navarro rips Apple’s Tim Cook for not moving production out of China fast enough

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Trump advisor Navarro rips Apple's Tim Cook for not moving production out of China fast enough

Peter Navarro: 'Inconceivable' that Apple could not produce iPhones outside China

White House trade advisor Peter Navarro chastised Apple CEO Tim Cook on Monday over the company’s response to pressure from the Trump administration to make more of its products outside of China.

“Going back to the first Trump term, Tim Cook has continually asked for more time in order to move his factories out of China,” Navarro said in an interview on CNBC’s “Squawk on the Street.” “I mean it’s the longest-running soap opera in Silicon Valley.”

CNBC has reached out to Apple for comment on Navarro’s criticism.

President Donald Trump has in recent months ramped up demands for Apple to move production of its iconic iPhone to the U.S. from overseas. Apple’s flagship phone is produced primarily in China, but the company has increasingly boosted production in India, partly to avoid the higher cost of Trump’s tariffs.

Trump in May warned Apple would have to pay a tariff of 25% or more for iPhones made outside the U.S. In separate remarks, Trump said he told Cook, “I don’t want you building in India.”

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Analysts and supply chain experts have argued it would be impossible for Apple to completely move iPhone production to the U.S. By some estimates, a U.S.-made iPhone could cost as much as $3,500.

Navarro said Cook isn’t shifting production out of China quickly enough.

“With all these new advanced manufacturing techniques and the way things are moving with AI and things like that, it’s inconceivable to me that Tim Cook could not produce his iPhones elsewhere around the world and in this country,” Navarro said.

Apple currently makes very few products in the U.S. During Trump’s first term, Apple extended its commitment to assemble the $3,000 Mac Pro in Texas.

In February, Apple said it would spend $500 billion within the U.S., including on assembling some AI servers.

WATCH: Apple’s $500 billion investment: For AI servers not manufacturing iPhones

Apple's $500 billion U.S. investment: For AI servers not manufacturing iPhones

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CoreWeave to acquire Core Scientific in $9 billion all-stock deal

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CoreWeave to acquire Core Scientific in  billion all-stock deal

CoreWeave founders Brian Venturo, at left in sweatshirt, and Mike Intrator slap five after ringing the opening bell at Nasdaq headquarters in New York on March 28, 2025.

Michael M. Santiago | Getty Images News | Getty Images

Artificial intelligence hyperscaler CoreWeave said Monday it will acquire Core Scientific, a leading data center infrastructure provider, in an all-stock deal valued at approximately $9 billion.

Coreweave stock fell about 4% on Monday while Core Scientific stock plummeted about 20%. Shares of both companies rallied at the end of June after the Wall Street Journal reported that talks were underway for an acquisition.

The deal strengthens CoreWeave’s position in the AI arms race by bringing critical infrastructure in-house.

CoreWeave CEO Michael Intrator said the move will eliminate $10 billion in future lease obligations and significantly enhance operating efficiency.

The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approval.

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The deal expands CoreWeave’s access to power and real estate, giving it ownership of 1.3 gigawatts of gross capacity across Core Scientific’s U.S. data center footprint, with another gigawatt available for future growth.

Core Scientific has increasingly focused on high-performance compute workloads since emerging from bankruptcy and relisting on the Nasdaq in 2024.

Core Scientific shareholders will receive 0.1235 CoreWeave shares for each share they hold — implying a $20.40 per-share valuation and a 66% premium to Core Scientific’s closing stock price before deal talks were reported.

After closing, Core Scientific shareholders will own less than 10% of the combined company.

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Apple appeals 500 million euro EU fine over App Store policies

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Apple appeals 500 million euro EU fine over App Store policies

Two young men stand inside a shopping mall in front of a large illuminated Apple logo seen through a window in Chongqing, China, on June 4, 2025.

Cheng Xin | Getty Images

Apple on Monday appealed what it called an “unprecedented” 500 million euro ($586 million) fine issued by the European Union for violating the bloc’s Digital Markets Act.

“As our appeal will show, the EC [European Commission] is mandating how we run our store and forcing business terms which are confusing for developers and bad for users,” the company said in a statement. “We implemented this to avoid punitive daily fines and will share the facts with the Court.”

Apple recently made changes to its App Store‘s European policies that the company said would be in compliance with the DMA and would avoid the fines.

The Commission, which is the executive body of the EU, announced its fine in April, saying that Apple “breached its anti-steering obligation” under the DMA with restrictions on the App Store.

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“Due to a number of restrictions imposed by Apple, app developers cannot fully benefit from the advantages of alternative distribution channels outside the App Store,” the commission wrote. “Similarly, consumers cannot fully benefit from alternative and cheaper offers as Apple prevents app developers from directly informing consumers of such offers.”

Under the DMA, tech giants like Apple and Google are required to allow businesses to inform end-users of offers outside their platform — including those at different prices or with different conditions.

Companies like Epic Games and Spotify have complained about restrictions within the App Store that make it harder for them to communicate alternative payment methods to iOS users.

Apple typically takes a 15%-30% cut on in-app purchases.

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