Instacart dropped a new S-1 filing on Monday, indicating for the first time a proposed price range for its IPO. The company intends to sell shares in its debut for between $26 and $28 per share.

As 22 million shares will be sold in the company’s debut per its current plans, the company could sell as much as $616 million worth of its stock in its IPO. That pile of capital won’t all land in its corporate accounts, however, as just 14.1 million of the shares will come from Instacart itself, with another 7.9 million stemming from existing shareholders.

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There’s also a 3.3 million share underwriter option, a $175 million Series A redeemable convertible preferred stock with Pepsi in the mix, and more nuance when it comes to Instacart’s fully diluted share count.

All that boils down to a simple IPO valuation range of $7.2 billion to $7.8 billion, and a fully diluted market cap potential of between $8.6 billion and $9.3 billion, by our calculation. Renaissance Capital itself ran the maths and found that at midpoint of its target IPO price range and using a fully diluted share count, Instacart is worth around $9.1 billion.

Now that we have some firm numbers to play with, let’s take a look at what those top-level metrics mean for the U.S. unicorn and erstwhile decacorn.

Is $9.3 billion a lot for Instacart?

Compared to its final private-market price set back in 2021, no. It’s around $30 billion down from that mark. But as every tech company of scale that we can bring to mind has taken a valuation cut since those heady days, it’s hardly worth dwelling on Instacart’s own discount.