The Information

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Pricing

Upcoming IPOs

DoorDash

DoorDash

Why it is one to watch: The DoorDash IPO will help us gauge whether it stands to surpass GrubHub in market cap, as well as how food delivery businesses perform when independent of a larger ride-sharing app (i.e. Postmates/Uber; UberEats).

Expected timing: December.

Type: IPO

S-1: Filed 11/13. Amended filing 11/30 here.

Articles & Briefs

Art by Jesse Howe

Markets

The Information’s Tech IPO Lockup Calendar

By Ross Matican · Jan. 4, 2021 6:01 AM PST

The past few months have seen many tech initial public offerings rocket on their opening day and in subsequent weeks. The big question over the next few months will be whether those sterling performances will be maintained after the expiration of lockup restrictions on the sale of shares held by early investors and employees. Those lockups can... The past few months have seen many tech initial public offerings rocket on their opening day and...

Photos: Bloomberg. Art illustration by Jesse Howe.

Venture Capital Startups

How Silicon Valley Turned a Doomsday Scenario Into the Hottest Year for Deals

By Kate Clark · Dec. 30, 2020 6:01 AM PST

In June, Rahul Vohra was cooped up in his San Francisco apartment, finding it difficult to concentrate on work as he recovered from Covid-19. After U.S. infections spiked in early March, Vohra had begun preparing for a recession lasting at least two years, stopping most hiring at his email subscription startup, Superhuman, and advising other... In June, Rahul Vohra was cooped up in his San Francisco apartment, finding it difficult to...

Markets

What Airbnb and DoorDash Didn’t Teach Us

By Jessica E. Lessin · Dec. 12, 2020 7:47 AM PST · 4 comments

It is not every day that tech investors are surprised by how the market is valuing tech darlings like Airbnb. But shock was in the air on Thursday, when I began receiving a series of texts from tech investors saying “Wow,” “What’s going on?” and “This is crazy.” Because while Airbnb certainly has the... It is not every day that tech investors are surprised by how the market is valuing tech darlings...

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

The Antitrust Case Against Facebook Begins: The Information’s Tech Briefing

By Martin Peers · Dec. 9, 2020 5:32 PM PST

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

The Antitrust Case Against Facebook Begins: The Information’s Tech Briefing

By Martin Peers · Dec. 9, 2020 5:32 PM PST

The long-anticipated antitrust battle against Facebook has begun. Separate lawsuits, from the feds and the states, read at times like a business thriller. For example, the states’ lawsuit quotes an email from CEO Mark Zuckerberg to Instagram co-founder Kevin Systrom warning of the competitive threat Instagram faced if it turned down... The long-anticipated antitrust battle against Facebook has begun. Separate lawsuits, from the...

DoorDash CEO Tony Xu

DoorDash CEO on 85% IPO Stock Pop: ‘Everyone Is Entitled to Their Opinion’

By Amir Efrati · Dec. 9, 2020 4:52 PM PST · 3 comments

Tony Xu, CEO of DoorDash, whose stock jumped 85% on its first day of trading following an initial public offering on Wednesday, said in an interview that “the market will clear what the market will clear,” referring to the share price and the hefty business expectations it implies. Xu said during a Zoom video interview from his San... Tony Xu, CEO of DoorDash, whose stock jumped 85% on its first day of trading following an initial...

Airbnb Expected to Price IPO Above $56-$60 a Share Range

Dec. 9, 2020 · 8:47 AM PST

The latest increase in the travel site's anticipated value ahead of Thursday's public listing reflects the extent of investor IPO enthusiasm.

Tesla CEO Elon Musk. Photo by Bloomberg

Tesla Cashes In on Roaring Market: The Information’s Tech Briefing

By Martin Peers · Dec. 8, 2020 5:30 PM PST

For the third time this year, Elon Musk is selling new shares in Tesla to raise cash. It’s a smart move by Musk, given how much money is flowing into the stock market. And it raises the question of why other growth companies that need cash, like Netflix, haven’t taken the same approach. Tesla said today it would sell up to $5 billion... For the third time this year, Elon Musk is selling new shares in Tesla to raise cash. It’s...

Markets

DoorDash Valued at $29.4 Billion After Raising IPO Pricing Range

Dec. 4, 2020 · 7:28 AM PST

DoorDash has nearly doubled its valuation since it last raised money in June.

Markets

DoorDash Sets Pricing Range at $25.4 Billion Valuation

Nov. 30, 2020 · 6:13 AM PST

The valuation is 63% above the valuation at which DoorDash raised money this past summer.

E-commerce Markets

Airbnb, DoorDash IPO Valuations Expected to Pass $30 Billion, $25 Billion

Nov. 29, 2020 · 8:13 PM PST

Both companies are getting credit for generating positive free cash flows.

The Nasdaq's New York office. Photo by Bloomberg

Wish’s IPO Filing Rounds Out Busy Week: The Information’s Tech Briefing

By Martin Peers · Nov. 20, 2020 5:32 PM PST

E-commerce firm Wish filed to go public on Friday, the fifth high-profile tech firm to do so in the past week, and confirmation that the last few weeks of the year will be a busy time for IPOs. What’s notable is that four of the five companies—Wish, DoorDash, Roblox and Affirm—have enjoyed a burst of faster growth thanks to the... E-commerce firm Wish filed to go public on Friday, the fifth high-profile tech firm to do so in...

Art by Mike Sullivan

Airbnb’s Chesky Takes Far Lower Salary Than Most Tech CEOs at IPO

By Martin Peers · Nov. 20, 2020 9:02 AM PST

Art by Mike Sullivan

Markets

Airbnb’s Chesky Takes Far Lower Salary Than Most Tech CEOs at IPO

By Martin Peers · Nov. 20, 2020 9:02 AM PST

Airbnb has distinguished itself on a number of grounds, including the innovative nature of its business model and its ability to turn a profit, at least for a period of time. But it also stands out for how little money its CEO earns, at least in terms of his salary. The travel firm’s initial public offering filing revealed that CEO Brian... Airbnb has distinguished itself on a number of grounds, including the innovative nature of its...

Traders on the floor of the New York Stock Exchange. Photo by Bloomberg

Markets

Airbnb’s IPO Signals That Rigid Lockup Rules Are on the Way Out

By Ross Matican · Nov. 19, 2020 6:01 AM PST · 1 comment

When Airbnb filed to go public on Monday, its IPO prospectus contained a provision that until recently wasn’t common for public offerings: Its employees will be allowed to sell up to 15% of their shares within the first week of trading in December. And they’ll be able to sell even more shares if Airbnb’s stock price trades at a... When Airbnb filed to go public on Monday, its IPO prospectus contained a provision that until...

Airbnb CEO Brian Chesky. Photo by Bloomberg

Airbnb Unveils IPO Filing: The Information’s Tech Briefing

By Martin Peers · Nov. 16, 2020 5:32 PM PST

Airbnb disclosed its IPO paperwork Monday afternoon, setting up what should be a fascinating comparison, in a few weeks’ time, between the public offerings of the travel firm and DoorDash. Investors will get to choose between one company whose business was slammed by the Covid-19 pandemic, and another that enjoyed a bonanza. The former, of... Airbnb disclosed its IPO paperwork Monday afternoon, setting up what should be a fascinating...

DoorDash CEO Tony Xu. Photo by Bloomberg

DoorDash’s IPO Moves Step Closer: The Information’s Tech Briefing

By Martin Peers · Nov. 13, 2020 5:32 PM PST

DoorDash’s IPO filing on Friday painted a portrait of a company long underappreciated now coming into its own. The filing sets the scene for what should be a heavily sought-after IPO in a few weeks’ time, probably occurring around the same time as Airbnb’s offering, of which we expect to hear more details in the next few days.... DoorDash’s IPO filing on Friday painted a portrait of a company long underappreciated now...

Markets

DoorDash’s Revenue Rose 226% in First Nine Months, Generating Cash

Nov. 13, 2020 · 6:02 AM PST

DoorDash's revenue rose 226% in the first nine months of this year while the company turned cash flow positive after burning more than half a billion dollars in 2019.

Startups COVID-19

Instacart, U.S. Grocery Delivery Leader, Plans Early 2021 IPO

Nov. 12, 2020 · 8:51 PM PST

Late-stage tech firms continue the mad dash to go public

A DoorDash delivery person in Washington D.C. Photo by Bloomberg

Uber/Lyft Markets

Ten Questions for DoorDash’s IPO Investors to Ask

By Amir Efrati · Nov. 12, 2020 7:33 AM PST

DoorDash is a household name that is about to go public, but it has received scant coverage in the U.S. business press compared to another soon-to-go-public firm based in San Francisco—Airbnb. And after years of heavy losses across the food-delivery industry, the prevailing wisdom is that such businesses aren’t a very good bet. That... DoorDash is a household name that is about to go public, but it has received scant coverage in...

What 2020 Still Has in Store for Tech

By Jessica E. Lessin · Nov. 7, 2020 8:01 AM PST · 1 comment

While the U.S. presidential election is over (sort of), 2020 is not. And assuming that many of you spent the last few days, weeks and, perhaps, months engrossed in Biden vs. Trump, I wanted to remind you of what lies ahead. There is the race for the Covid-19 vaccine, of course. (You probably didn’t forget about that.) As for pure tech... While the U.S. presidential election is over (sort of), 2020 is not. And assuming that many of...

Policy Uber/Lyft

Uber, Lyft, DoorDash Win High-Stakes California Ballot Initiative

Nov. 3, 2020 · 10:06 PM PST

A huge sigh of relief for "gig economy" companies.