Instacart (Decline)

Instacart's valuation collapsed from $39 billion in 2021 to $10 billion at its 2023 IPO, reflecting the gap between COVID-era grocery delivery demand and sustainable economics. The company demonstrated that temporary behavior changes don't create permanent markets. Like an organism that flourishes in disturbed habitat but can't compete when the ecosystem stabilizes, Instacart's growth depended on conditions that didn't persist.