Discord, a game community platform, was exposed for listing and was valued or difficult to reach a high of $15 billion

According to Bloomberg, Discord, a game community platform, is actively planning the first public collection unit (IPO) and has submitted confidential listing applications to regulatory bodies. The company has been working with the Goldman Sachs Group and Morgan Chase since March 2025 to move the listing process forward, but sources claim that it may eventually abandon the listing scheme.

In the United States, the submission of applications in confidence is a routine business listing, usually months before the announcement of IPO. At that time, companies are required to submit to the United States Securities and Exchange Commission a statement of the S-1 offer, subject to strict scrutiny. In response, the spokesperson for Discord stated that the current focus of the company was “to provide concrete experience to users and build strong and sustainable businesses”. Discord was founded in 2015 with the commercial failure of the Moba game ” Eternal Destiny ” under the banner of the Hammer & Chisel studio. By 2021, the platform had attracted over 350 million users, and by the end of 2025 it had surpassed 200 million active users. The company disclosed that these users spend an aggregate of 1.9 billion hours per month in the game.

In addition to a large user base, Discord has sustained interest in capital markets. In 2020, it had completed $100 million in financing with a $7 billion valuation; in 2021, anecdotal Microsoft had been denied acquisition with a $12 billion valuation, and the platform had shifted to a long-term listing target; and in the same year, the Dragoneer Investment Group had invested $500 million in financing, which had soared to $15 billion. PitchBook analyst Eric Bellomo stated to Bloomberg that “the valuation of the final disclosures is indeed too high to be reached in the open market”. In 2025, Jason Citron, co-founder and Chief Executive Officer of Discord, was replaced by Humam Sakhnini, former President of King’s studio and Vice-President of the Surgeon of Scatter. The new CEO, along with the heads of Twitch, Reddit and Steam, was invited to a hearing in the United States Congress on the “extremeization of users of the Internet Forum”.

In October of the same year, Discord disclosed that 70,000 users had been affected by the invasion of its customer service system. As the process of listing advances, Discord ‘ s business, which has grown from a game voice tool to a community-wide platform, will face a fresh look at its business model and profitability in the capital market.