Discord confidentially filed for a U.S. IPO in early January 2026 with Goldman Sachs and JPMorgan as advisors, yet no public S-1 has appeared on EDGAR as of mid-October 2026, shifting the base case for a listing into late 2026 or 2027. Revenue reached an estimated $725 million ARR by end-2024 with ARR growth of roughly 21% year-over-year, while adjusted EBITDA turned positive across five consecutive quarters by April 2025. Secondary-market marks have settled near $8.5 billion, well below the 2021 peak of $15.2 billion. Recent termination of acquisition talks with Microsoft above $10 billion underscores management’s preference for an independent public path. Traders will monitor any public registration statement and prevailing conditions in the consumer-tech IPO window as the key near-term catalysts.