Discord’s confidential S-1 filing in January 2026 with Goldman Sachs and JPMorgan initially fueled expectations of a 2026 listing, but the absence of a public prospectus or pricing as of early October has shifted trader consensus toward a late-2026 or 2027 timeline. Secondary-market marks have stabilized near $8.5 billion—down sharply from the 2021 peak of $15 billion—reflecting compressed multiples for consumer platforms amid softer IPO conditions. Estimated annual recurring revenue reached roughly $725 million by end-2024, supported by Nitro subscriptions, server boosts, and expanding ad initiatives, while monthly active users exceed 200 million. Key near-term catalysts include any SEC disclosure or underwriter updates that could accelerate roadshow activity, though broader equity-market volatility and regulatory review timing continue to weigh on implied probabilities for a near-term debut.