Breaking! Discord secretly submits IPO application, valuation may exceed $15 billion

Beijing time January 7, 2026, according to Bloomberg citing sources familiar with the matter, the popular social platform Discord has secretly submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC).

The platform is currently working with Goldman Sachs and JPMorgan Chase & Co to advance the listing process. Sources also emphasized that discussions are still ongoing, and the company may ultimately decide not to proceed with the listing plan.

01 Core Event: Discord Secretly Files for IPO

At the start of 2026, the tech and finance circles were shaken by a major news. Bloomberg reported on January 7 that Discord had filed an IPO application with the SEC in a confidential manner.

Choosing to file secretly means the company does not need to disclose detailed financial data to the public before officially confirming the listing path, retaining the flexibility to adjust plans based on market conditions.

The preparation for this IPO is led by Wall Street’s top two investment banks—Goldman Sachs and JPMorgan Chase—forming a luxurious underwriting lineup.

02 Platform Rise: From Gaming Voice Tool to Diversified Social Platform

Founded in 2015, Discord was initially designed as a voice, video, and text chat tool for gamers.

With clear call quality, low latency, and flexible community (server) features, it quickly gained popularity among gamers and streamers.

Today, Discord has successfully broken out of the gaming circle to become a diversified social platform covering AI developers, cryptocurrency enthusiasts, educational communities, and art creators.

As of December 2025, Discord’s official disclosed monthly active users (MAU) have surpassed 200 million, laying a solid user foundation for its high valuation.

03 Valuation Focus: The Story and Challenges Behind $15 Billion

Market attention on Discord’s IPO undoubtedly centers on its valuation.

In 2021, during a funding round led by Dragoneer Investment Group, Discord’s valuation reached approximately $15 billion. That same year, the company rejected a $12 billion acquisition offer from Microsoft, demonstrating management’s confidence in independent development and expectations of higher value.

Its business engine mainly relies on the “Freemium” model, monetizing through selling Nitro subscriptions (offering advanced streaming and personalization features) and server boosts.

Currently, its paid user conversion rate is about 3% - 5%, comparable to industry peers.

04 Industry Impact: New Opportunities for Crypto Communities and Investors

For the crypto industry, Discord’s listing process holds special significance.

As one of the core communication and organization tools for many Web3 projects, NFT communities, and cryptocurrency enthusiasts, a successful IPO could enhance traditional capital markets’ recognition of the commercial value of crypto-related companies.

A company with a large user base and clear business model in the traditional track, successfully capitalized, can bring positive attention and liquidity spillover to the entire ecosystem.

05 Future Outlook: IPO Path and Market Uncertainty

Although a key step has been taken, Discord’s path to going public still faces multiple uncertainties. A company spokesperson responded to rumors by stating that they remain focused on “providing the best experience for users and driving stronger and sustainable business growth,” without commenting on a specific timeline.

The macro market environment is one of the main variables. Although the US IPO market showed some recovery in 2025, discussions on tariffs, government budget battles, and profit-taking pressures on AI-related stocks in 2026 could all impact tech stock valuations.

Ultimately, Discord needs to prove to the public market that its over 200 million MAU can be converted into sustainable revenue and profit to support its billion-dollar valuation expectations.

Whether or not it ultimately goes public, this social giant with a massive Gen Z and crypto-native user base has already reached a critical crossroads determining its future capitalization.

For investors closely following frontier technology and the crypto market, maintaining tracking of related assets on professional trading platforms like Gate will be an important prerequisite for capturing potential opportunities. Finding value amid volatility is always the market’s unchanging rule.