DoorDash Founders Use Supervoting Shares to Reincorporate in Nevada
Founder Entrenchment
Company Background
DoorDash is a food delivery and local commerce platform operating in more than 40 countries, with an approximate market capitalization of $84.3 billion. For the full year ended December 31, 2025, the company reported revenue of $13.7 billion and GAAP net income of $935 million — a sharp improvement from prior-year losses, driven by scale efficiencies and the October 2025 acquisition of Deliveroo for approximately $3.7 billion in cash. Through the first half of 2026, revenue reached $8.5 billion and Adjusted EBITDA totalled $1.67 billion, continuing a trajectory of strong top-line growth.
Since its IPO in December 2020, DoorDash has maintained a dual-class share structure. Class A shares, held predominantly by public investors, carry one vote each. Class B shares, held by co-founders Tony Xu, Andy Fang, and Stanley Tang and their affiliated trusts, carry disproportionately higher voting power. The result is that the three co-founders retain majority voting control over the company even though they hold a small fraction of the economic interest.
What Was Disclosed
DoorDash's reincorporation from Delaware to Nevada became effective on September 18, 2026, at 12:02 a.m. Pacific Time, when filings with both states' secretaries of state took effect. The company's existing Delaware certificate of incorporation and bylaws ceased to govern the corporation; they were replaced by new articles of incorporation filed with Nevada and bylaws approved by the board. Every outstanding share of Class A and Class B common stock converted automatically into an equivalent Nevada share on a one-for-one basis, and all warrants, options, and equity awards carried over under the same terms. The stock continues trading on Nasdaq under the symbol DASH.