# Instacart — Capital Time Machine

Explore 3 documented funding stages and their hypothetical value at the IPO offer price.

Canonical citation: https://capitaltimemachine.com/private/instacart

Dataset revision: ctm-research-2026-10-01; evidence register reviewed: 2026-09-19. Each observation retains its own check date.

Publisher: CapitalTimeMachine. Methodology: https://capitaltimemachine.com/methodology



## What this supports

Maplebear Inc. operates as Instacart. Issuance periods: G June–July 2020; H October–November 2020; I February 2021. Reviewed G/H/I series convert 1:1 to common. Series B/B-1 conversion adjustments, employee awards, and the concurrent PepsiCo preferred investment are excluded. These three IPO marks are below their private entry prices. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.

## Limitations

- Historical research and hypothetical arithmetic, not live quotes, investment advice or an offer to invest.

- Company valuation changes are not shareholder returns. Financing, dilution, security rights and exit access matter.

- IPO offer-price marks are not realized sale proceeds; minimum investments and access are not established.

- User-entered prices and valuations are assumptions, not sourced observations. Fee and carry treatment is stated by each method; taxes and distributions are excluded.

- Selected surviving companies are not representative of private-market outcomes; investments may lose all value.

## Sourced observations

### CART-G — Series G

Value: 48.0919 USD; scope: per_share_issuance_price

Date: 2023-09-18; precision: day; role: prospectus_reference_date; actual investment date: not established

Security: Series G preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Maplebear Inc. operates as Instacart. Issuance periods: G June–July 2020; H October–November 2020; I February 2021. Reviewed G/H/I series convert 1:1 to common. Series B/B-1 conversion adjustments, employee awards, and the concurrent PepsiCo preferred investment are excluded. These three IPO marks are below their private entry prices. Reference date is not an assumed purchase date.

Source: [SEC · Maplebear (Instacart) filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1579091/000119312523237900/d55348d424b4.htm)

Source location: Certain Relationships and Related Party Transactions: Series G/H/I financings; Note 11: Conversion; Note 11: Conversion; Description of Capital Stock: Common Stock

Citation: https://capitaltimemachine.com/private/instacart#CART-G

### CART-H — Series H

Value: 60.00 USD; scope: per_share_issuance_price

Date: 2023-09-18; precision: day; role: prospectus_reference_date; actual investment date: not established

Security: Series H preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Maplebear Inc. operates as Instacart. Issuance periods: G June–July 2020; H October–November 2020; I February 2021. Reviewed G/H/I series convert 1:1 to common. Series B/B-1 conversion adjustments, employee awards, and the concurrent PepsiCo preferred investment are excluded. These three IPO marks are below their private entry prices. Reference date is not an assumed purchase date.

Source: [SEC · Maplebear (Instacart) filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1579091/000119312523237900/d55348d424b4.htm)

Source location: Certain Relationships and Related Party Transactions: Series G/H/I financings; Note 11: Conversion; Note 11: Conversion; Description of Capital Stock: Common Stock

Citation: https://capitaltimemachine.com/private/instacart#CART-H

### CART-I — Series I

Value: 125.00 USD; scope: per_share_issuance_price

Date: 2023-09-18; precision: day; role: prospectus_reference_date; actual investment date: not established

Security: Series I preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Maplebear Inc. operates as Instacart. Issuance periods: G June–July 2020; H October–November 2020; I February 2021. Reviewed G/H/I series convert 1:1 to common. Series B/B-1 conversion adjustments, employee awards, and the concurrent PepsiCo preferred investment are excluded. These three IPO marks are below their private entry prices. Reference date is not an assumed purchase date.

Source: [SEC · Maplebear (Instacart) filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1579091/000119312523237900/d55348d424b4.htm)

Source location: Certain Relationships and Related Party Transactions: Series G/H/I financings; Note 11: Conversion; Note 11: Conversion; Description of Capital Stock: Common Stock

Citation: https://capitaltimemachine.com/private/instacart#CART-I

### CART-OFFER — IPO offer

Value: 30.00 USD; scope: public_offer_price_per_share

Date: 2023-09-18; precision: day; role: offering_pricing; actual investment date: not established

Security: Common; share basis: undefined

Verification: primary_verified; checked: 2026-09-17

Prospectus pricing date, not first trading close or an executable sale.

Source: [SEC · Instacart filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1579091/000119312523237900/d55348d424b4.htm)

Source location: Prospectus cover: offering price and prospectus date

Citation: https://capitaltimemachine.com/private/instacart#CART-OFFER

## Calculation options

{
  "early_stage_assumptions": null,
  "ipo_offer_models": [
    {
      "id": "CART-G-IPO",
      "company": "instacart",
      "start": "CART-G",
      "end": "CART-OFFER",
      "label": "Series G → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Maplebear Inc. operates as Instacart. Issuance periods: G June–July 2020; H October–November 2020; I February 2021. Reviewed G/H/I series convert 1:1 to common. Series B/B-1 conversion adjustments, employee awards, and the concurrent PepsiCo preferred investment are excluded. These three IPO marks are below their private entry prices. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1579091/000119312523237900/d55348d424b4.htm",
      "source_locators": [
        "Certain Relationships and Related Party Transactions: Series G/H/I financings; Note 11: Conversion; Note 11: Conversion; Description of Capital Stock: Common Stock",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    },
    {
      "id": "CART-H-IPO",
      "company": "instacart",
      "start": "CART-H",
      "end": "CART-OFFER",
      "label": "Series H → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Maplebear Inc. operates as Instacart. Issuance periods: G June–July 2020; H October–November 2020; I February 2021. Reviewed G/H/I series convert 1:1 to common. Series B/B-1 conversion adjustments, employee awards, and the concurrent PepsiCo preferred investment are excluded. These three IPO marks are below their private entry prices. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1579091/000119312523237900/d55348d424b4.htm",
      "source_locators": [
        "Certain Relationships and Related Party Transactions: Series G/H/I financings; Note 11: Conversion; Note 11: Conversion; Description of Capital Stock: Common Stock",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    },
    {
      "id": "CART-I-IPO",
      "company": "instacart",
      "start": "CART-I",
      "end": "CART-OFFER",
      "label": "Series I → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Maplebear Inc. operates as Instacart. Issuance periods: G June–July 2020; H October–November 2020; I February 2021. Reviewed G/H/I series convert 1:1 to common. Series B/B-1 conversion adjustments, employee awards, and the concurrent PepsiCo preferred investment are excluded. These three IPO marks are below their private entry prices. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1579091/000119312523237900/d55348d424b4.htm",
      "source_locators": [
        "Certain Relationships and Related Party Transactions: Series G/H/I financings; Note 11: Conversion; Note 11: Conversion; Description of Capital Stock: Common Stock",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    }
  ],
  "valuation_comparisons": [],
  "user_entered_private_prices": false,
  "entered_public_price_review": {
    "company": "instacart",
    "ticker": "CART",
    "issuer_cik": "1579091",
    "model_ids": [
      "CART-G-IPO",
      "CART-H-IPO",
      "CART-I-IPO"
    ],
    "from_date": "2024-06-10",
    "through_date": "2026-09-19",
    "reviewed_on": "2026-09-19",
    "status": "reviewed_user_price_scenario",
    "historical_only": false,
    "limitation": "Entered price is unverified. Use the actual common-share price on its dated basis, not a dividend-adjusted or retrospectively split-adjusted history.",
    "listed_equivalent_factor": "1",
    "splits": [],
    "sources": [
      {
        "url": "https://www.sec.gov/Archives/edgar/data/1579091/000119312523237900/d55348d424b4.htm",
        "title": "Original IPO share basis",
        "locator": "Prospectus / offering and capital-stock terms; the existing private-to-IPO model supplies the entry conversion."
      },
      {
        "url": "https://www.sec.gov/Archives/edgar/data/1579091/000157909126000042/cart-20260630.htm",
        "title": "Issuer 10-Q · 2026-08-07",
        "locator": "Common-stock presentation and corporate-action screening. A missing split keyword alone is not evidence of a complete history."
      },
      {
        "url": "https://www.stocksplithistory.com/?symbol=CART",
        "title": "Supplemental split-history screen",
        "locator": "Dated post-IPO corporate actions only. Ticker reuse can introduce unrelated pre-IPO events; those are excluded. No market quote was copied."
      }
    ],
    "review_note": "Entry-to-IPO conversion reuses the approved company-specific model. The post-IPO corporate-action screen matches the issuer CIK and excludes reused ticker history predating its IPO. This is a bounded price-only scenario, not a licensed quote or a certified corporate-action feed."
  },
  "public_ipo": null
}

## Reuse and corrections

Link to the company page and original evidence, retain dates, units and limitations. Third-party source terms remain applicable; no new license to third-party material is granted. https://capitaltimemachine.com/terms

Corrections: mailto:capitaltimemachine@gmail.com