TacticScaleWhat Maplebear Does & How It Makes Money (CART)
Updated October 2026 · reflects Maplebear's latest reported financials
Online grocery delivery and technology platform for grocery retailers. It earns fees from orders placed through its Instacart Marketplace and from retailers using its Enterprise software.
How Maplebear makes money
It earns fees from orders placed through its Instacart Marketplace and from retailers using its Enterprise software. It also sells advertising to consumer brands, including sponsored product ads, display ads, coupons and brand pages.
What Maplebear does
Maplebear Inc., which does business as Instacart, is a technology partner for the grocery industry in the United States and internationally. Its main consumer-facing service, Instacart Marketplace, lets shoppers buy from retailers through a mobile app or website and supports different fulfillment options, shopping occasions and product categories. For retailers, Instacart Enterprise is an end-to-end technology platform that covers all parts of their business, and it is sold as software-as-a-service. The company also has an advertising business, Instacart Ads. It gives consumer brands tools such as sponsored product ads, display ads, coupons and brand pages, along with insights into how shoppers move from discovery to purchase so brands can decide where to spend on ads. Maplebear was incorporated in 2012 and is headquartered in San Francisco, California.
Products & services
- Instacart Marketplace
- Instacart Enterprise
- Instacart Ads
- Sponsored product and display ads
- Instacart mobile app and website
What is Maplebear worth?
On an owner-earnings DCF, Maplebear's most-likely value is about $99 versus a recent price near $48 (107% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$45) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →