Popular messaging platform Discord has confidentially filed for an initial public offering (IPO) in the United States, according to a Bloomberg report citing people familiar with the matter. The move signals that Discord may be preparing to test investor appetite as activity in the U.S. IPO market gradually improves after several difficult years.
Sources said Discord is working with Goldman Sachs and JPMorgan Chase & Co. on the potential listing. By filing confidentially, the company can begin discussions with regulators without publicly revealing financial details, allowing it to gauge market conditions before committing to a full launch. Importantly, the process does not guarantee that an IPO will happen, and Discord could still decide to delay or abandon the plan.
Founded in 2015, Discord started as a communication tool for gamers but has since grown into a much broader platform. It now offers voice, video, and text chat services used by gaming communities, developers, students, creators, and online groups of all kinds. According to a statement published in December, Discord has more than 200 million monthly active users, highlighting its global reach and strong engagement.
The company is backed by a mix of major technology firms and venture capital investors. These include Tencent Holdings, Sony Group, and Dragoneer Investment Group. Discord was last valued at around $15 billion during a funding round in 2021. That same year, it reportedly turned down a $12 billion acquisition offer from Microsoft, choosing to remain independent and continue building its platform.
Leadership changes have also shaped Discord’s recent direction. In April, Humam Sakhnini, former vice-chairman of Activision Blizzard, took over as chief executive officer. He replaced co-founder Jason Citron, who continues to serve on the board. The leadership transition suggests a stronger focus on long-term growth and operational discipline as the company prepares for life as a public firm.
The Discord IPO comes at a time when the U.S. listing market is showing signs of recovery. After nearly three years of weak activity, 2025 saw more companies return to the public markets. However, the rebound has not been smooth. Market swings driven by trade tensions, a prolonged U.S. government shutdown, and a late-year drop in artificial intelligence stocks have made investors cautious.
Discord has also faced regulatory and social pressure, particularly around child safety and content moderation. Several U.S. state governments have questioned whether online platforms are doing enough to protect younger users. Discord says it takes these concerns seriously, noting that about 15% of its workforce is dedicated to safety efforts. These include using machine learning tools to detect harmful content and supporting community moderators who enforce platform rules.
A spokesperson for Discord told Bloomberg that the company’s priority remains “delivering the best possible experience for users and building a strong, sustainable business.” Discord did not respond immediately to a request for comment from Reuters, while Goldman Sachs and JPMorgan declined to comment on their roles.
As discussions continue behind closed doors, investors and market watchers will closely track whether Discord moves forward with its IPO plans. If it does, the listing could become one of the most closely watched technology offerings in the coming months.
Analysis: What the Discord IPO Could Mean for Investors
The Discord IPO reflects renewed confidence among private tech companies that public markets may once again support growth-focused businesses. Discord’s large user base and strong brand give it an advantage, but challenges remain. Profitability, content moderation costs, and regulatory scrutiny will be key issues for investors to watch.
If market conditions stay stable, Discord could position itself as a rare consumer-focused tech listing with deep user engagement. However, any rise in volatility could push the company to wait. Overall, the confidential filing shows preparation rather than commitment — but it clearly places Discord among the most anticipated potential IPOs ahead.
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