Gaming chat platform Discord has reportedly taken a significant step towards becoming a publicly traded company, making a confidential filing for an initial public offering (IPO).
This development, initially reported by Bloomberg and further detailed by GamesIndustry.biz, indicates the company is actively exploring a market debut, engaging with financial giants Goldman Sachs Group and JPMorgan Chase & Co since at least March 2025.
Confidential filings are a standard procedure in the U.S. for companies seeking to go public, typically preceding a public declaration by several months. While this move signals serious intent, sources close to the matter suggest Discord still retains the option to not proceed with the IPO.
The platform, which originated in 2015 from the ashes of a failed MOBA title, has grown into a titan of digital communication, boasting over 200 million monthly active users by the end of 2025. Its user base collectively spends an estimated 1.9 billion hours playing games each month, showcasing its deep integration into the gaming ecosystem.
Discord’s financial trajectory and market expectations
Discord has attracted substantial financial interest over the years. In 2020, the company secured $100 million in funding, achieving a valuation of $7 billion. The following year, it reportedly engaged with potential buyers, including Microsoft, which offered up to $12 billion before Discord opted to pursue a long-term public listing instead.
Later in 2021, a $500 million funding round led by Dragoneer Investment Group pushed Discord’s valuation to an impressive $15 billion. However, industry analysts temper expectations for its public market debut. Eric Bellomo, an analyst at PitchBook, commented to Bloomberg, “The valuation last disclosed is certainly lofty. It won’t catch that in the public markets.”
This perspective suggests a potential recalibration of investor sentiment in a public market setting compared to private funding rounds. The company’s ability to maintain or justify such a high valuation will be a key point of scrutiny as it moves forward.
Leadership changes and emerging challenges
Amidst its growth and IPO preparations, Discord underwent a significant leadership transition in 2025 when co-founder Jason Citron stepped down as CEO. Humam Sakhnini, formerly president of King and vice chair at Activision Blizzard, assumed the top leadership role.
Sakhnini’s tenure has already brought new challenges, including an invitation to testify before the U.S. Congress alongside other tech leaders regarding concerns over the “radicalisation of online forum users.” This highlights the increasing regulatory and social pressures faced by large online platforms.
Additionally, the company faced a data security incident in October 2025, disclosing that a breach within its customer service team affected approximately 70,000 users. Such incidents underscore the inherent risks and responsibilities that come with managing a vast user base, particularly as a company eyes a public listing.
Discord’s journey toward an IPO reflects its evolution from a niche gaming tool to a dominant communication platform. While the confidential filing signifies a serious intent to go public, the path is fraught with challenges, from market valuation expectations to navigating regulatory scrutiny and ensuring user safety.
The coming months will reveal whether Discord proceeds with its public listing and how it addresses these complex issues, shaping its future trajectory in the competitive tech landscape.
