DoorDash's In-House Drones: Valuation Logic Shifts from Platform to Vertical Integration—A Warning Sign

DoorDash announced it is developing its own drones, including full airframe design and manufacturing. In 2025, their drone delivery trials covered 100k orders, but building an in-house fleet means shifting capital expenditure from an asset-light model to an asset-heavy one. Industry estimates put the cost per drone at around $20-30k, requiring hundreds of millions in investment for scaled deployment. Where is the ceiling for this track? And what's the valuation logic?