After more than a decade of staying private, Discord has quietly taken its first step toward the public markets.
The San Francisco based chat platform has filed confidentially for a US initial public offering, according to people familiar with the matter. The move puts Discord into a growing pipeline of venture backed tech companies preparing to test investor appetite in 2026.
A low key filing, very on brand
Discord is working with Goldman Sachs and JPMorgan Chase on the potential listing, sources said. Deliberations are ongoing, and the company could still decide not to move forward.
A spokesperson for Discord declined to comment on the filing, saying the company remains focused on building the best possible experience for users and a sustainable long term business.
Filing confidentially allows Discord to prepare for an IPO without immediately disclosing financials, valuation targets, or a timeline. It also gives the company flexibility to pause or pull back if market conditions change.
From gamer chat to internet infrastructure
Founded in 2015, Discord started as a voice chat tool for gamers frustrated with unreliable alternatives. It quickly grew beyond gaming, becoming a home for coding communities, creators, investors, study groups, and hobbyists of every kind.
By late 2025, Discord reported more than 200 million monthly active users. Its core product remains free, while its paid Nitro subscription offers enhanced streaming, customization, and features for power users.
Unlike many consumer tech platforms, Discord has largely avoided advertising, relying instead on subscriptions and server level monetization. That model has helped it build trust with users, but it also requires a more nuanced story for public market investors.
Why now
The IPO move comes as the US tech listing market regains momentum. Tech IPOs raised $15.6 billion last year, more than double the amount raised in 2024, according to Bloomberg data.
Discord was last valued at about $15 billion in a 2021 funding round. Earlier that same year, it famously rejected a reported $12 billion acquisition offer from Microsoft, choosing independence over a quick exit.
Leadership changes may also be part of the timing. In April, former Activision Blizzard executive Humam Sakhnini took over as CEO, replacing cofounder Jason Citron, who remains on the board.
What this means for users and investors
In the near term, nothing changes for Discord users. Servers, communities, and moderation policies remain the same.
Longer term, an IPO could gradually shape priorities. Public companies face quarterly scrutiny, which often brings a stronger focus on predictable revenue, premium features, and clearer monetization paths.
For investors, Discord stands out as something different from a typical social media app. It is not built around feeds or passive scrolling. It is an always on communication layer where users spend hours at a time, deeply embedded in their daily lives.
The waiting game begins
A confidential filing is just the opening move. Regulatory review, investor meetings, and market conditions will determine whether Discord actually goes public and when.
The significance is not the timing, but the signal. For a company that grew by staying quiet and avoiding attention, filing for an IPO marks a clear shift.
Discord is no longer just building for its users. It is, at least cautiously, preparing for Wall Street.