Discord confidentially filed for a U.S. IPO in January 2026 with Goldman Sachs and JPMorgan as lead underwriters, yet no public S-1 has appeared on SEC EDGAR as of late October 2026, shifting base-case timelines toward late 2026 or 2027. Secondary-market valuations have reset to roughly $8.5–10 billion via Forge Global marks, well below the 2021 $15 billion peak, amid softer conditions for consumer-tech listings. Estimated annual recurring revenue reached about $725 million by end-2024 with positive adjusted EBITDA for multiple quarters following 2024 staff reductions, while the April 2025 appointment of gaming-industry veteran Humam Sakhnini as CEO signals preparation for public scrutiny. Traders will monitor any public prospectus release and broader equity-market sentiment for IPO windows as key near-term catalysts.