A combination would create a home-delivery giant, fusing Instacart’s grocery-store centric platform with DoorDash’s restaurant-focused one. DoorDash previously bid for Instacart in 2021, but at a significantly higher valuation. Those talks collapsed over price and worries about antitrust pushback, neither of which hold true today. Instacart has a valuation of roughly $12 billion, but at a conservative premium would likely fetch around $15 billion. DoorDash has a market capitalization of roughly $75 billion.

The grocery and home delivery space faces stiff competition chiefly from Amazon and Walmart, which has pressured conventional grocers for years.

The companies would likely not face antitrust issues as well: the Trump administration has taken a light-touch approach to other mergers, including a mammoth combination between Warner Bros. Discovery and Paramount.…