adminThe Discord IPO may be moving closer, with reports saying the gaming-focused chat platform has made a confidential filing to go public in the United States. The filing is an early step, not confirmation that a stock market listing will happen: Discord could still decide against an IPO.
Image credit: Discord
What the reported Discord IPO filing means
Discord has reportedly been working with Goldman Sachs and JPMorgan Chase on a potential listing since at least March 2025. A confidential filing allows a company to submit registration documents to regulators before making its plans public. Companies commonly use this process while preparing for a possible US IPO.
If Discord proceeds, it would later need to publicly disclose detailed information through a registration statement, including an S-1 filing with the Securities and Exchange Commission (SEC). Public disclosure brings greater scrutiny of a company’s finances, risks and business operations. For readers following the story, the key point is that a confidential filing does not set a confirmed listing date or guarantee that shares will be offered.
A Discord spokesperson said the company’s focus is on providing a strong experience for users and building a sustainable business. That statement does not confirm whether the company will complete an IPO.
Discord’s users and business background
Founded in 2015, Discord grew out of Hammer & Chisel, the developer behind the commercially unsuccessful multiplayer online battle arena game Fates Forever. The platform went on to build a large community around voice, video and text communication, particularly among gaming groups.
Discord had attracted more than 350 million users as of 2021. At the end of 2025, the company reported more than 200 million monthly active users and said its audience spent a combined 1.9 billion hours playing games each month. These figures describe different measures: total users and monthly active users are not interchangeable. When comparing company growth, check the date and definition attached to each number.
Funding history and possible valuation
Discord has raised substantial private funding. In 2020, it secured $100 million at a reported valuation of $7 billion. In 2021, Microsoft was among the potential buyers reportedly interested in the company. Microsoft’s reported offer reached $12 billion, but Discord declined, choosing to remain independent and pursue a possible public listing over the longer term.
Also in 2021, Dragoneer Investment Group led a $500 million funding round that reportedly valued Discord at $15 billion. That private-market figure does not determine what the company would be worth as a publicly traded business. PitchBook analyst Eric Bellomo has suggested that the valuation last disclosed by Discord would be difficult to achieve in public markets. Investors typically assess a company using its financial performance, growth prospects, risks and market conditions, not just its previous private valuation.
Leadership and recent challenges
In 2025, co-founder and CEO Jason Citron stepped down. Humam Sakhnini, formerly president of King and vice chair of Activision Blizzard, took over as chief executive. Sakhnini, along with leaders from Twitch, Reddit and Steam, was invited to testify before the US Congress about the radicalisation of online forum users.
Discord also disclosed in October 2025 that a breach involving its customer service team had affected 70,000 users. Security incidents and regulatory attention can be relevant considerations for prospective public-market investors, alongside user growth and revenue. The disclosed number refers to users affected by that incident.
What to watch next for the Discord IPO
The reported filing signals that Discord may be preparing for a public listing, but the company has not necessarily committed to completing one. Updates to watch for include a public SEC registration statement, details about the proposed offering and any confirmed timing. Until those details are released, the Discord IPO remains a possibility rather than a finalized event.
