Pershing Square Challenge 2026 winners on DoorDash $DASH

About this episode

The episode features the winners of the Pershing Square Challenge 2026 discussing their investment pitch for DoorDash and its growth potential.

The winners of the Pershing Square Challenge 2026 discuss their Doordash pitch, including why the growth story still has room to run (and the 90 primary research calls they made to back up that call). We get into durable US restaurant growth, why new verticals and international could inflect to profitability earlier than the street models, the underappreciated opex leverage, their proprietary Wolt case study, the Tony Xu bet, and why they think the Citrini AI-agent thesis on DoorDash is overblown. This episode is sponsored by Trata. Check out their DASH transcript at https://www.trata.com/dash Team DASH presentation : ZK's LinkedIn Aaron's LinkedIn Elliot's LinkedIn Chapters 00:00 The Pershing Square Challenge and team DoorDash 01:14 Sponsor: Trata 02:50 Meet the team: ZK, Elliot, and Aaron 05:40 Why they picked DoorDash out of the screen 10:10 The bull case in three parts 11:20 US restaurant growth: still the middle innings? 13:20 Demographics as a tailwind 17:50 Order frequency and the China comp 21:00 Valuation: $70B cap, adjusted EBITDA, and the path to $320 25:35 The real downside: competition, Amazon, bundled memberships 29:50 The ~90 primary research calls 33:35 New…

People in this episode

Host: Andrew Walker

Guests: ZK, Elliot, Aaron

Topics covered

• DoorDash growth
• restaurant industry
• investment analysis
• market competition
• AI in business

Keywords

• DoorDash
• Pershing Square Challenge
• restaurant growth
• investment thesis
• AI-agent
• Wolt case study
• market valuation

Sponsors

Trata

Mentioned in this episode

Organizations: DoorDash, Wolt, Deliveroo, Pershing Square Challenge

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