Discord has quietly taken its first step toward becoming a public company. The San Francisco-based chat platform has filed confidentially for an initial public offering, according to people familiar with the matter. The move comes as interest in tech listings starts picking up again in the US market.
While plans are still being discussed and nothing is final yet, the filing places Discord among a growing list of venture-backed technology companies exploring public listings after a slower period for IPOs.
Discord IPO Filing Signals Strong Tech Market Comeback
Discord is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. to prepare for the potential listing. The discussions were said to be ongoing in March, but sources stressed that the company may still choose not to move forward. Both investment banks declined to comment on the matter.
A spokesperson for Discord also stayed cautious, saying the company remains focused on improving user experience and building a long-term, sustainable business. No additional details were shared.
Founded in 2015, Discord offers voice, video, and text chat features. While it was originally built for gamers, the platform has expanded far beyond that space.
Today, users run servers around a wide range of interests such as investing, music, beatboxing, and even community radio. The company reported having more than 200 million monthly users as of December.
Discord operates on a freemium model. The core service is free, while the paid Nitro subscription offers extra features like enhanced streaming and profile customisation.
Discord IPO Plans Follow Leadership Change & Past Valuation
The possible Discord IPO comes after a major leadership change. 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 company’s board.
Discord was last valued at around $15 billion during a funding round in 2021 led by Dragoneer Investment Group. That same year, the company turned down a $12 billion acquisition offer from Microsoft.
The broader IPO market has also shown signs of recovery. Tech IPOs raised $15.6 billion on US exchanges last year, more than double the amount raised in 2024. Other companies preparing for possible listings include Motive Technologies Inc. and travel app Klook Technology Ltd.
However, Discord has faced scrutiny from state governments over child safety. Around 15% of its workforce is dedicated to safety efforts, including using machine learning to detect harmful content and supporting community moderators to enforce platform rules.
