Discord filed confidentially for a US IPO in January, and people familiar with the plan told Bloomberg it was aiming to debut in March, TechCrunch reported. Goldman Sachs and JPMorgan were hired to run the offering. Ten months after the filing, the chat app is still private, and its paperwork still hasn’t been made public.
The stalled Discord IPO has left its investors to put their own prices on the company, and their numbers are far apart. Fund reports filed with the SEC in recent weeks, along with prices from the secondary market where early shareholders sell to new buyers, value a Discord share at anywhere from $23.51 to $36.79. Every one of those figures is below the $55.06 a share Discord charged in 2021, when a $500 million round valued it at about $15 billion.
A listing can’t happen quickly from here. Under SEC rules, a company that files in private has to make its registration statement public at least 15 days before it starts pitching the shares to investors. Discord hadn’t done that by 30 October, so an IPO is weeks away at the earliest, and no new date has been reported. Discord hasn’t said why the March target slipped.
What Discord’s investors say it’s worth
Fidelity has the lowest number. Its Growth Company Fund holds 70,000 Discord Series I preferred shares, bought in September 2021 for $3.85 million, and valued them at $1.65 million on 31 August, its quarterly holdings report shows. That works out to $23.51 a share, 57% below what Fidelity paid, and other Fidelity funds that own the shares use the same price. The low mark isn’t new. Fidelity’s funds already valued the stake at less than half its cost in August 2023, and the latest figure is a little higher than the $22.28 they used in the spring.
ARK Venture Fund is close behind. Its annual report for the year to 31 July values its 176,670 Discord common shares at $4.68 million, or about $26.51 each, according to the filing. ARK bought them in November 2022 for $4.37 million, so its holding sits about 7% above cost.
The secondary market is more generous. Forge, which tracks trades in private company shares, put Discord’s indicative price at $36.79 on 30 October, up 17% in six months, and values the company at $10.02 billion at that price. That is 56% above Fidelity’s mark and about a third below the 2021 round.
Run through the same method Forge uses, Fidelity’s $23.51 would point to a valuation of roughly $6.4 billion, by TalkEsport’s calculation. The comparison is rough, because Fidelity owns preferred shares, which usually carry extra protections and aren’t priced like common stock, and the fund reports don’t explain how the marks are set. Fidelity lists the holding as a Level 3 asset, the accounting category for things valued without a market price. The same reports cut Fidelity’s value for Epic Games by 47% in a year, as TalkEsport reported this week.
Even the highest of these numbers is a long way from 2021. Early that year, Discord turned down a takeover offer from Microsoft worth about $12 billion, Bloomberg has reported, and it raised money at roughly $15 billion a few months later.
Discord’s growth and its legal problems
The business itself has grown. Discord says it has more than 200 million monthly users, and it told Al Jazeera in August that it has more than 90 million daily users. Bloomberg reported in March 2025 that its annualized revenue had passed $600 million in 2024, about four times the 2020 level. When Humam Sakhnini, a former vice chairman of Activision Blizzard and former president of Candy Crush maker King, took over as chief executive in April 2025, Discord said it had posted positive adjusted EBITDA for five quarters in a row. Co-founder Jason Citron stayed on the board as an adviser to the new CEO.
Much of the past year has gone on safety problems and regulators. In October 2025, Discord said an attacker had compromised 5CA, a customer service vendor it used, and that about 70,000 users may have had photos of their government IDs exposed, according to its incident update. Those images had been sent in to appeal age checks, and the attacker was trying to extract a ransom from Discord, the company said.
Age verification brought its own backlash. Discord had planned to put every user into a teen-appropriate experience by default from March until they proved they were adults. In February it pushed the global rollout back to the second half of 2026, after users objected to the plan and to one of the verification vendors it had tested.
The legal pressure has kept building. Texas sued Discord in May under the state’s SCOPE Act and its consumer protection law, accusing it of exposing children to predators and misleading users about safety, the Texas Tribune reported. Nevada, Indiana and New Jersey have brought their own suits, and Florida opened an investigation in March. Discord disputes the claims and says about 80% of its users are adults. In August, Brazil’s data protection authority ordered Discord to suspend its Go Live streaming feature nationwide after the death of a 13-year-old girl during a livestream.
A public prospectus would have to describe these risks for investors. Until Discord files one, fund marks and secondary-market prices are the only regular outside view of what the company is worth.
Discord has kept adding perks for paying users in the meantime. This month it doubled the Nitro upload limit to 1GB. Fidelity’s next holdings reports, covering the quarter to 30 November, are due by the end of January and will show whether its funds have moved their Discord mark again.
