DoorDash is preparing to go public

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(CNN) The food delivery market remains fiercely competitive, a broader reckoning is underway among high-flying tech startups, and stocks have been rattled in recent days by coronavirus fears.

But none of that is stopping DoorDash from preparing to go public.

On Thursday, the same day US stocks fell into correction territory, DoorDash announced it had submitted confidential paperwork with the US Securities and Exchange Commission to go public.

The news comes not just amid general market turbulence, but upheaval in the meal delivery market specifically.

This week, competitor Uber Eats named a new leader as the company works to grow its meal delivery service without bleeding as much money.

GrubHub, another rival, has struggled on Wall Street in recent months after falling short on earnings and sales.

There have also been rumors of consolidation in the industry.

GrubHub reportedly considered putting itself up for sale earlier this year, a prospect the company shot down.

Another report said Uber and DoorDash were in talks last year about a possible merger, which did not pan out.

DoorDash declined to comment on that report at the time.