Shares of DoorDash surged 13.8% to $221.50 on September 17, riding a one-two punch of partnership announcements that signal the company's aggressive push beyond restaurant delivery — and raising the question of whether growth in groceries and sports marketing can translate into lasting profitability. DoorDash Lands Costco Nationwide and the NHL in One Day — Is a $96 Billion Valuation the Right Price for a Grocery Delivery Bet?
Shares rocketed 13.8% to $221.50 on September 17 after DoorDash unveiled two blockbuster partnerships in the same morning, forcing investors to reprice a company that is rapidly evolving from a restaurant delivery app into a full-spectrum commerce platform.
• Costco Opens All 639 U.S. Warehouses to DoorDash, Plugging Into 81 Million Members. Costco members can now order groceries, household essentials, electronics, and more from every U.S. warehouse for same-day delivery.
Costco had ranked among the most-searched retailers not yet on the platform; with its addition, DoorDash now partners with eight of the ten largest food retailers in North America. For shareholders, the math matters: Costco has 81 million members worldwide and 639 stores in 47 states — a massive pool of high-spending households now one tap away from DoorDash's marketplace. Higher-value grocery baskets (think bulk electronics and household goods) could meaningfully lift revenue per order.
• Uber Eats Matched the Costco Deal the Same Day, Keeping the Competitive Heat On. Uber Eats separately announced it was expanding its own Costco delivery service nationwide , and Instacart has offered Costco delivery for close to ten years. DoorDash holds roughly 56–65% of U.S. food delivery market share, but grocery delivery remains dominated by Instacart. Winning in grocery requires not just partnerships but profitable unit economics — something no platform has fully cracked at scale.
• The NHL Deal Targets Game-Night Spending Across Two Countries. A multiyear exclusive agreement names DoorDash the NHL's on-demand delivery partner in the U.S. and Canada starting with the 2026–27 season.
DoorDash receives broadcast-visible branding during nationally televised games and game-night promotions every Wednesday and Saturday throughout the regular season. This is a customer-acquisition play: tying delivery orders to recurring live sports events creates habitual usage — critical for a company whose 35 million DashPass and Wolt+ subscribers are its most valuable cohort.
• The Price Tag Is Getting Harder to Justify on Earnings Alone. At $221.50, DoorDash's market cap pushes past $96 billion — roughly 6× trailing twelve-month revenue of $14.72 billion . Net income over the past year totals about $841 million , implying a price-to-earnings ratio above 110×. The company guided Q2 adjusted EBITDA (operating profit before certain non-cash charges) of $770 million to $870 million on roughly $33 billion of order value. These partnerships could accelerate top-line growth, but investors are now paying for years of grocery-market gains that remain unproven. The Nasdaq's own 2.17% rally on the day likely amplified the move, meaning the stock's real news-driven pop may be tested quickly.