Discord IPO Filing Signals Revival of US Tech Listings

Discord IPO filing marks a potential return of tech listings in the US as the chat platform explores going public amid renewed investor interest

Discord has quietly taken its first formal step toward becoming a publicly traded company. The San Francisco-based chat platform has filed confidentially for an initial public offering, according to people familiar with the matter. The Discord IPO filing comes at a time when investor appetite for technology listings is beginning to show signs of recovery in the US market.

While discussions around the listing are still ongoing and no final decision has been made, the confidential filing places Discord among a growing group of venture-backed technology firms exploring public markets after a prolonged slowdown in IPO activity.

Major Banks Involved in Potential Listing

Sources say Discord is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. to prepare for the potential offering. Talks with the investment banks were ongoing as recently as March, although people close to the matter emphasized that the company could still decide against moving forward.

Neither Goldman Sachs nor JPMorgan commented on the discussions. A spokesperson for Discord also remained cautious, saying the company is focused on improving user experience and building a long-term, sustainable business. The spokesperson did not provide further details about the Discord IPO filing or a possible timeline.

From Gaming Chat to Global Community Platform

Founded in 2015, Discord initially gained popularity as a voice and text chat platform for gamers. Over time, it has expanded far beyond gaming, becoming a hub for diverse online communities.

Today, Discord hosts servers dedicated to topics ranging from investing and music to beatboxing and community radio. As of December, the company reported more than 200 million monthly active users, underscoring its growing influence in the social communication space.

Discord operates on a freemium business model. While the core service remains free, users can subscribe to its Nitro plan, which offers premium features such as enhanced streaming quality, larger uploads, and advanced profile customization.

Leadership Changes and Valuation History

The possible public listing follows a major leadership transition at the company. In April, Humam Sakhnini, former vice chairman of Activision Blizzard, was appointed chief executive officer. He replaced co-founder Jason Citron, who continues to serve on Discord’s board.

Discord was last valued at approximately $15 billion during a 2021 funding round led by Dragoneer Investment Group. That same year, the company famously declined a $12 billion acquisition offer from Microsoft, opting to remain independent. The renewed interest around the Discord IPO filing suggests the company may now see public markets as the next phase of growth.

IPO Market Recovery and Safety Challenges

The broader IPO market is showing early signs of revival. Tech IPOs raised $15.6 billion on US exchanges last year, more than double the amount raised in 2024. Other companies preparing for potential listings include Motive Technologies Inc. and travel app Klook Technology Ltd., adding momentum to the trend that the Discord IPO filing reflects.

However, Discord continues to face scrutiny over child safety and content moderation. Around 15% of its workforce is dedicated to safety initiatives, including machine learning tools to detect harmful content and support for community moderators. As the Discord IPO filing progresses, these issues are likely to draw closer attention from regulators and investors alike.