As Instacart unveiled its long-awaited S-1 of its forthcoming IPO last Friday, media outlets and analysts rushed to share their hot takes on the business, including praise of its cutesy Maplebear LLC dba and CART ticker symbol. While the sentiment has been generally positive, many analysts and reporters who are outsiders to the intersection of the on-demand economy and the food industry have grazed over some key points of differentiation. There is also a general concern over Instacart’s single-digit GTV growth in the first half of the year and heavy revenue concentration from its top three grocery partners. In this post, I’ll share five key takeaways I had from the prospectus as well as some areas that may have been overlooked by mainstream coverage.