Discord confidentially filed for a U.S. IPO in early January 2026 with Goldman Sachs and JPMorgan as lead underwriters, advancing preparations after earlier stalled attempts. The original March 2026 target has passed without a public S-1, pricing range, or listing date as of mid-October 2026, reflecting extended SEC review, choppy consumer-tech IPO conditions, and a valuation reset from the 2021 peak of $15 billion to secondary-market levels near $8–8.5 billion. With more than 200 million monthly active users and revenue shifting toward advertising alongside Nitro subscriptions, the company appointed a new CEO in 2025 to professionalize operations ahead of any debut. Market-implied odds for a 2026 listing remain tempered by the absence of public filings and historical delays, though a late-year window or 2027 path could still materialize if equity sentiment improves.