What smart money is saying about DoorDash
5 funds in our archive have pitched DoorDash, most recently Artisan Partners Global Opportunities Fund in September 2026.
DoorDash, Inc. operates a comprehensive logistics platform globally and within the United States, linking merchants, consumers, and delivery personnel ('dashers'). Through its primary marketplaces, DoorDash and Wolt, the company provides essential services designed to help merchants overcome critical challenges, including customer acquisition, delivery logistics, data insights and analytics, merchandising support, payment processing, and customer assistance. Additionally, DoorDash offers subscription-based products like DashPass and Wolt+, alongside white-label delivery fulfillment services under DoorDash Drive and Wolt Drive. Its portfolio also includes DoorDash Storefront, which enables merchants to provide on-demand e-commerce access to their customers, and Bbot, a solution offering digital ordering and payment processing for both in-store and online channels. Founded in 2013 as Palo Alto Delivery Inc., the company officially adopted the name DoorDash, Inc. in 2015. It is headquartered in San Francisco, California.
Get an email when a fund buys, sells or pitches it
Fund signal · last 12 months
11 lettersToo few moves on DoorDash yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q3 2026, 13 fund letters reported a position in DoorDash, with 4 buys (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 1 | 0 | 1 |
| Q2 2026 | 7 | 2 | 0 | 2 |
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q4 2025 | 1 | 0 | 0 | 1 |
| Q3 2025 | 2 | 0 | 0 | 0 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 13 positions · 6 moves
- September 2026
“DoorDash operates a technology-driven local commerce marketplace. Recent results exceeded expectations, with orders growing 28% and continued strength across its core restaurant business and newer verticals. Improving unit economics also supported stronger profitability and contributed to the company raising its guidance. While investments in grocery, restaurant software and autonomous delivery may temper near-term margin expansion, we expect they can meaningfully extend the company’s growth runway and strengthen its competitive advantage. We added to the position as we continue to believe the market underestimates the durability of DoorDash’s network and long-term monetization opportunity.”
DoorDash - September 2026
“DoorDash operates a technology-driven local commerce marketplace. Recent results exceeded expectations, with orders growing 28% and continued strength across its core restaurant business and newer verticals. Improving unit economics also supported stronger profitability and contributed to the company raising its guidance. While investments in grocery, restaurant software and autonomous delivery may temper near-term margin expansion, we expect they can meaningfully extend the company’s growth runway and strengthen its competitive advantage. We added to the position as we continue to believe the market underestimates the durability of DoorDash’s network and long-term monetization opportunity.”
DoorDash - June 2026
“While consumer discretionary opportunities are not as plentiful, in our view, our selective holdings in franchises such as Viking Holdings, DoorDash and Texas Roadhouse have been performing well.”
DoorDash - June 2026
Listed in Montaka Global (Montaka Global Fund’s reported holdings.
DoorDash - HoldsOptimist FundJune 2026
Listed in Optimist Fund’s reported holdings.
DoorDash - June 2026
“Notable adds during the quarter included DoorDash and Keyence. DoorDash operates a technology-driven local commerce marketplace. Recent results demonstrated continued strength in underlying demand, with record membership additions and ongoing market share gains across the restaurant, retail and grocery delivery segments. While investments in new verticals have tempered near-term margin expansion, we believe they have the potential to meaningfully extend the company’s growth runway. Shares have also been pressured by concerns that AI could disrupt consumer internet companies, but DoorDash’s fulfillment network solves a physical, logistics-intensive problem that we believe is less vulnerable to near-term AI disruption. We continue to believe the market underestimates the durability of DoorDash’s network and long-term monetization opportunity, and we increased the position following the recent pullback.”
DoorDash - HoldsMontaka Global FundJune 2026
Listed in Montaka Global Fund’s reported holdings.
DoorDash - New positionParnassus Investments Core Equity FundJune 2026
“DoorDash, the food delivery platform, is a new position initiated during the quarter.”
DoorDash - New positionParnassus Core Select ETF (PRCS)June 2026
“Top Contributors Applied Materials, which supplies semiconductor manufacturing equipment, benefited from sustained demand tied to AI infrastructure build-out and accelerating demand for compute (computing power). Alphabet’s strong performance reflected continued strength in its core businesses and an increasingly optimistic investor view of the company’s potential for long-term AI leadership. DoorDash, the food delivery platform, is a new position initiated during the quarter.”
DoorDash - March 2026
“DoorDash Inc. operates a commerce platform that connects merchants, consumers, and dashers. The combination of a mixed fourth quarter and lower-than-expected first-quarter guidance led to a -34% sell-off. Of note, there was a record number of new Dash Pass enrollers. With investments front-end loaded, DoorDash is positioned for a second-half margin expansion, and that is why we added to the position.”
DoorDash - December 2025
“The top individual absolute detractors were Netflix, Axon Enterprise, DoorDash, MercadoLibre, and Spotify. Netflix is the world’s largest producer and distributor of streaming video content by subscriber count. Its stock has come under pressure amid investor skepticism over its proposed acquisition of Warner Bros Discovery’s studio and streaming assets. The deal would be Netflix’s largest to date and is expected to be funded through a mix of cash and debt. A competing bid from Paramount has added to the uncertainty. We believe the acquisition would strengthen Netflix’s business and is likely to withstand 1 4 · S A N D S CA P I TA L · G LO B A L G R O W T H · D E C E M B E R 2 0 2 5 antitrust review. We have long viewed studio ownership as a strategic fit for Netflix. Combining valuable intellectual property with the company’s global distribution platform could boost overall viewership and improve pricing power. Our research suggests that the combination of leading IP and distribution leads to higher engagement. While antitrust remains a risk, we believe Netflix has a credible case based on the evolving definition of the video market, as streaming and linear content continue to converge. Axon Enterprise is a leading provider of public-safety technology, including body cameras, software, and the TASER electroshock device. Shares declined following third-quarter 2025 results, weighed down by a GAAP net loss and a 50-basis-point drop in adjusted gross margins due to tariffs and product mix. Investor skepticism toward Axon’s $1.4 billion push into emergency dispatch, through the Prepared and Carbyne acquisitions, also pressured the stock. The market remains cautious about Axon’s return to a category where previous industry efforts have struggled. We believe this overlooks the strategic shift toward a cloud-native, AI-enabled platform integrated into Axon’s broader public-safety ecosystem. Despite the selloff, Axon delivered its seventh consecutive quarter of revenue growth above 30 percent, raised full-year guidance, and maintained 124 percent net revenue retention. Annual recurring revenue rose 41 percent year over year. In our view, the stock’s decline, which was amplified by a broader pullback in high-growth stocks during November, presents a compelling valuation opportunity for this public-safety technology leader. DoorDash is the leading food-delivery platform in the United States by market share.”
DoorDash - September 2025
Listed in Artisan US Mid Cap Growth Strategy’s reported holdings.
DoorDash - September 2025
“DoorDash Inc. operates a commerce platform that connects merchants, consumers, and independent contractors.”
DoorDash
Also mentioned · 2
These funds discuss DoorDash as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedKNA Capital Core Equity StrategySeptember 2026
“• Domino’s Pizza (Sold): Domino’s was an original holding in the Strategy and a disappointing performer. The biggest flaw in my thesis was that I didn’t expect food delivery aggregators like DoorDash and UberEats to be as successful as they have been.”
DoorDash - MentionedHayden CapitalJune 2026
“For example, remember that viral 2028 thought experiment that made the rounds and sparked fear in the markets earlier this year (LINK)? The one imagining a world where DoorDash and the other marketplaces lose their pricing power, as our personal AI agents quickly comparison- shop dozens of vibe coded competing sites on our behalf? At a high level, I suspect the piece is directionally right. But it just doesn't feel like a world that's only two years away. We're still ordering pad thai the old fashioned way, and DoorDash stock has recovered to where it traded before the "SaaS-pocalypse" narrative took hold.”
DoorDash
Fund coverage · 5 theses
- Artisan Partners Global Opportunities FundSeptember 2026
DoorDash is building a durable local commerce network with improving unit economics and a long growth runway.
Read the full thesis DoorDash has durable fulfillment नेटवर्क advantages, strong demand, and a long growth runway from new verticals.
Read the full thesisDoorDash is the U.S. food delivery leader expanding into adjacent markets, with network scale and monetization avenues supporting long-term growth.
Read the full thesis- Sands Capital Global GrowthDecember 2025
DoorDash is the leading U.S. delivery platform with strong growth and improving unit economics, reinvesting from a position of strength across multiple adjacencies.
Read the full thesis - Artisan US Mid Cap Growth StrategyMarch 2025
DoorDash is a technology-driven marketplace that leads the restaurant delivery sector while expanding into grocery delivery, aiming for profitability through its established Dasher network despite current losses in that area.
Read the full thesis
Read every full thesis on DoorDash
Read all 5 theses in full, with each fund's reasoning, and get unlimited access to the archive.
View plans→