Instacart, the instant delivery company gearing up to go public, has slashed its internal valuation to about $13 billion, according to two people familiar with the matter. It’s the third time the San Francisco startup has reduced its internal valuation this year, in a period when public delivery stocks have continued to shed value.

The new price represents a two-thirds drop from the $39 billion valuation Instacart was given by Andreessen Horowitz, Sequoia Capital and other private market investors in 2021. The lower internal price cuts the price of new stock-based compensation issued to employees and could also help Instacart reset investor expectations ahead of its public listing, in which it plans to sell mostly employee shares.