Instacart, the grocery delivery startup that bankers expect will list its shares publicly next year, has cut its internal valuation to around $10 billion, according to two people familiar with the situation. The new valuation is 20% lower than the one it had in October and nearly 75% lower than the price investors paid for shares early last year, when its paper valuation was $39 billion.

The new valuation gives a sense of the price San Francisco-based startup could fetch when it sells shares to the public. Instacart, which has raised over $2.5 billion from investors including Andreessen Horowitz and Sequoia Capital, spent much of this year meeting with over 50 potential investors ahead of a highly anticipated initial public offering, The Information previously reported. In October, Instacart finally put those plans on ice, blaming “extremely turbulent” markets. Shares of DoorDash, the publicly traded instant delivery company, have dropped two-thirds since the beginning of this year.