Dead On Arrival?

Instacart filed its IPO paperwork at the end of last week to much anticipation. But certain unit economics of the business should raise alarm bells.

Instacart, the online grocery delivery service, is stepping onto the IPO stage - in what is an echoey, empty auditorium. However, this isn't just another run-of-the-mill IPO; it's a moment that could reveal whether investors are truly changing their priorities in the face of very uncertain macroeconomic conditions. Are they now more interested in solid …