Discord Files Confidentially for IPO as Public Markets Reopen to Consumer Tech
Discord has filed confidentially for an initial public offering in the United States, according to people familiar with the matter, signalling a potential return of large, venture-backed consumer internet companies to the public markets.
The San Francisco–based company is working with Goldman SachsDealroom has a profile for this one. Try Dealroom → and JPMorgan ChaseDealroom has a profile for this one. Try Dealroom → on the listing, though deliberations are ongoing and Discord could still decide not to proceed.
Founded in 2015, Discord operates a voice, video and text communication platform that has grown well beyond its gaming roots. The service counts more than 200 million monthly active users, with communities organised around interests ranging from software development and music to investing and local groups. Discord is free to use at its core, with revenue generated primarily through its paid Nitro subscription, which offers enhanced features and customisation.
The company was last valued at about $15 billion in a 2021 funding round led by Dragoneer Investment Group and turned down a $12 billion acquisition offer from Microsoft earlier that year.
Since then, valuations for consumer platforms have come under pressure, and recent secondary-market trades have implied a lower valuation range. Analysts have suggested that public market pricing could fall below Discord’s last private valuation, reflecting tougher scrutiny of growth, monetisation and margins.
Leadership changes have accompanied the move towards a possible listing. In April 2025, Discord appointed Humam SakhniniDealroom has a profile for this one. Try Dealroom →, formerly vice-chair of Activision BlizzardDealroom has a profile for this one. Try Dealroom →, as CEO, with co-founder Jason CitronDealroom has a profile for this one. Try Dealroom → remaining on the board.
The company has also faced increased regulatory and political attention around online safety, particularly in relation to younger users, and has said a significant share of its workforce is dedicated to trust and safety initiatives.
Sources:
Bloomberg
Bloomberg
Reuters
TechCrunch
Tech Funding News
Image source:
PC Gamer
J.V.
