Games-focused chat platform Discord is allegedly still exploring the possibility of going public.

That’s according to Bloomberg, which reports that the company has made a confidential filing to hold its initial public offering. Discord has allegedly been working with banks Goldman Sachs Group and JPMorgan Chase & Co on this listing since at least March 2025.

The chat platform could still opt not to go public, sources told Bloomberg. Confidential filings are a normal step in the path to going public in the United States and generally come a few months before a company publicly declares their intention to IPO. At that point – thanks to their S-1 filing with the SEC – they will be open to a huge degree of scrutiny.

A spokesperson for Discord told the outlet that its focus is “delivering the best possible experience for users and building a strong, sustainable business.”

Discord was founded back in 2015 in the wake of the commercial failure of developer Hammer & Chisel’s MOBA title Fates Forever.

Since then, the company has attracted over 350 million users to its platform, as of 2021. Discord also currently boasts over 200 million monthly active users – as of the end of 2025 – and the firm says that this audience spends a combined 1.9 billion hours playing games each month.

In addition to bringing in a huge audience, Discord has also managed to attract considerable investment and interest from the financial community.

In 2020, the company raised $100 million in funding at a valuation of $7 billion, while the following year, the firm was reportedly to be courting potential buyers, including Microsoft, with a $10 billion valuation. The Xbox giant reportedly went as high as $12 billion in its attempt to buy Discord, but that price tag was rejected and the chat platform instead decided to target a public listing in the long term.

That same year, Dragoneer Investment Group led a $500 million funding round for Discord, which reporetdly valued the company at $15 billion.

Speaking to Bloomberg, PitchBook analyst Eric Bellomo said that Discord is unlikely to get worth that much after an IPO.

“The valuation last disclosed is certainly lofty,” he said. “It won’t catch that in the public markets.”

In 2025, Discord CEO and co-founder Jason Citron stepped down to be replaced by the former King president and Activision Blizzard vice chair Humam Sakhnini.

The new chief exec, along with those of Twitch, Reddit and Steam, has been invited to testify in US Congress regarding “radicalisation of online forum users”. In October 2025, Discord also disclosed that 70,000 users had been affected by a breach in its customer service team.