Discord confidentially filed for a U.S. IPO in early January 2026 with Goldman Sachs and JPMorgan as lead underwriters, initially targeting a first-half debut that has since slipped amid extended SEC review and softer conditions for consumer platforms. Secondary-market pricing has reset to roughly $8.5 billion from the 2021 peak of $15 billion, reflecting tempered growth expectations despite more than 200 million monthly active users and estimated $725 million in annual recurring revenue at the end of 2024. Leadership transition to CEO Humam Sakhnini in 2025 has emphasized advertising and Nitro monetization, supporting positive adjusted EBITDA in recent quarters. No public S-1 or pricing has emerged as of early October 2026, leaving the timeline dependent on market sentiment and regulatory clearance, with a late-2026 listing still possible but a 2027 base case now prevailing among observers.