Discord IPO: When, Where, and What to Expect

Discord, the popular communications platform for gamers and online communities, is one of the most anticipated tech IPOs on Wall Street. With more than 200 million monthly active users and a unique revenue model, Discord's potential public debut is drawing intense interest from traders and investors.

Here's what you need to know about when Discord might go public, where it will likely list, and what to expect as the IPO approaches.

When Is the Discord IPO?

As of June 2025, Discord has not officially filed for an initial public offering (IPO), and there is no confirmed date. However, discussions with investment bankers have intensified in recent months, and multiple sources suggest that a listing could happen in late 2025 if market conditions remain favourable. 

Discord's leadership has not commented on rumours, but the company's ongoing preparations and the revival of US IPO activity point to a potential debut within the year.

Key points:

• No official IPO date announced as of June 2025.

• Discord is in early talks with investment bankers and is preparing for a possible public listing.

• Market watchers expect the IPO could take place in late 2025, depending on market sentiment and Discord's financial readiness.

Where Will Discord List?

Discord is widely expected to list on a major US exchange, most likely the Nasdaq or the New York Stock Exchange (NYSE). Both exchanges are home to leading technology companies, and a listing there would provide Discord with strong visibility and liquidity.

• Nasdaq and NYSE are the likely venues for Discord's IPO.

  
  

• The final choice may depend on Discord's strategic goals and market conditions at the time of the listing.

What to Expect from the Discord IPO

Valuation and Financials

Discord was last valued at $15 billion in a 2021 funding round. However, secondary market activity in 2025 suggests a valuation closer to $10 billion, reflecting a broader reset in tech valuations.

Discord's revenue has grown steadily, reportedly surpassing $600 million in 2024, with monetisation driven mainly by its Nitro subscription service and server boosting. The company remains ad-free, relying on premium features rather than traditional advertising for revenue.

Business Model and Growth

Discord's “freemium” model allows users to access core features for free, while paid subscriptions unlock premium capabilities such as custom emojis, higher-quality video, and server enhancements. 

This approach has helped Discord build a loyal user base and maintain high engagement, especially among gamers and online communities. However, future growth may depend on Discord's ability to expand its appeal beyond gaming and further diversify its revenue streams.

Analyst Perspectives

Analysts are generally positive about Discord's IPO prospects, citing its robust user base, strong brand, and innovative monetisation strategies. The company's rejection of a $12 billion acquisition offer from Microsoft in 2021 underscores its confidence in long-term growth.

Still, traders should be aware of potential risks, including intense competition from other communication platforms and the challenge of sustaining revenue growth without introducing ads.

How to Trade Discord IPO Shares

• Pre-IPO: Most retail investors cannot access Discord shares before the IPO, as they are typically reserved for institutional investors and insiders. Some private equity platforms may offer limited access to secondary shares, but these come with higher risk and less liquidity.

  
  

• At IPO: To participate in the IPO, traders need an account with a brokerage that offers access to new listings. Expressing interest early and meeting minimum investment requirements can improve allocation chances.

  
  

• Post-IPO: Once Discord is public, shares will be available for trading on the open market. Traders should expect initial volatility and may want to use limit orders or wait for price stabilisation before entering positions.

Factors That Could Influence Discord's Stock Price

• User Growth: Sustaining and expanding its active user base will be crucial for long-term valuation.

  
  

• Monetisation: Success in converting free users to paying subscribers and introducing new premium features will drive revenue.

  
  

• Market Sentiment: Broader tech sector trends and IPO market conditions will impact Discord's debut and early trading performance.

  
  

• Competition: Discord faces competition from platforms like Slack, Microsoft Teams, and Telegram, requiring continuous innovation to maintain its edge.

  
  

• Regulation: As a communications platform, Discord must navigate content moderation, privacy, and regulatory scrutiny, which could affect investor sentiment.

Conclusion

The Discord IPO remains one of the most closely watched potential listings of 2025. While there is no official date yet, preparations are underway, and a debut on the Nasdaq or NYSE is widely expected.

Traders should monitor Discord's financial performance, user growth, and broader market trends to gauge the IPO's timing and potential. As with any high-profile tech listing, expect volatility and be prepared with a clear trading strategy once Discord finally goes public.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.