Discord’s confidential SEC filing in January 2026, advised by Goldman Sachs and JPMorgan, marks the most concrete step toward a U.S. listing since banker discussions began in 2025. With over 200 million monthly active users and a shift toward advertising and Nitro monetization under new CEO Humam Sakhnini, the platform’s engagement metrics support potential valuation, though secondary trading reflects an implied value near $8.5 billion versus the 2021 peak of $15 billion. No public S-1 has emerged as of late September 2026, leaving timing dependent on SEC review completion, market volatility, and internal decisions that could still halt the process. Ongoing state-level litigation over user safety adds regulatory uncertainty for any near-term debut.