Crypto community "base camp" Discord secretly submits IPO: 200 million monthly active Web3 entry points to a highlight moment

The well-known community platform Discord has secretly submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC), planning to go public with the support of Goldman Sachs and JPMorgan Chase. This company, which has over 200 million monthly active users and was once valued at $15 billion, rejected a $12 billion acquisition offer from Microsoft in 2021 and has now chosen to list independently.

This move comes as the U.S. tech IPO market is warming up, with last year’s financing amount more than double that of 2024. For the cryptocurrency industry, Discord’s IPO is not only a milestone in its business development but also a key signal that its position as a core infrastructure in Web3 is gaining mainstream capital market recognition.

The Capital Strategy Behind the Confidential Submission: Why Now?

According to insiders, the San Francisco-based Discord has taken a low-key but strategic step—submitting a confidential IPO application to the SEC. This move is highly significant: under U.S. regulations, growth-stage companies with annual revenue below $1.2 billion can use the confidential filing process to communicate privately with regulators without publicly disclosing sensitive financial information. This provides greater flexibility and strategic options for the company. Discord’s decision to initiate the listing process at this time appears to be a comprehensive assessment of current market conditions and its own development stage.

Behind Discord’s push toward the public markets are deep involvement from top-tier investment banks Goldman Sachs and JPMorgan Chase. As early as March this year, reports indicated that these Wall Street giants were assisting Discord in preparing for an IPO. Choosing such a high-profile underwriter team demonstrates Discord’s seriousness and ambition for this IPO, aiming for the highest market valuation and attention; it also reflects strong recognition of the platform’s unique value by Wall Street. Although the company has maintained a cautious stance regarding the IPO rumors, with a spokesperson stating that “the company’s focus remains on providing the best experience for users and building a strong, sustainable business,” the confidential filing has already moved the IPO plan from rumor to actual operational phase.

This IPO is not an isolated case but part of a wave of tech companies going public. Bloomberg data shows that last year, the total financing raised by tech IPOs on U.S. exchanges reached $15.6 billion, more than twice that of 2024. The market’s renewed optimism provides a rare opportunity for Discord. Currently, other companies waiting in SEC queues include AI fleet management software company Motive Technologies and Asian travel app developer Klook. If successful, Discord will become a prominent star in this wave of IPOs, with its unique “gaming + community + crypto” DNA making its story stand out.

Of course, all plans remain subject to change. Insiders emphasize that discussions are ongoing, and Discord may ultimately decide not to proceed with the IPO. However, from rejecting Microsoft’s acquisition, bringing in senior executives, to now secretly submitting an application, a series of actions outline a clear path toward becoming an independent public company. The capital markets and millions of communities are watching—this platform that has shaped online social interaction will tell the world what kind of value story.

Discord’s Core: From Gaming Tool to Web3 Hub

To understand the value logic behind Discord’s IPO, it’s essential to clarify what it actually is and why it holds an irreplaceable position in the crypto world. Founded in 2015, Discord’s initial core function was to provide high-quality voice, video, and text chat services for gamers. Its founding team keenly identified gamers’ rigid need for real-time communication during team play, creating a platform that is more focused and smoother than traditional social apps. The basic platform is free, with paid Nitro subscriptions offering higher-quality streaming, customization, and other value-added features.

However, Discord’s development has far exceeded gaming. Its highly flexible “server” architecture allows users to create independent community spaces around any interest. Today, the platform is filled with discussion groups ranging from voice acting, investing, to community radio. This openness has naturally made it a gathering place for emerging tech communities, especially in crypto and Web3 projects. Nearly every well-known crypto project, NFT community, and DAO organization uses Discord as its primary communication and community management platform. Here, project teams post announcements, developers discuss technology, investors exchange market information, forming vibrant “digital city-states.”

A large and highly engaged user base is Discord’s most valuable asset. As of December last year, its monthly active users exceeded 200 million. More importantly, these users are not passive content consumers but active community participants. This strong relationship network based on shared interests creates a high moat. For the crypto industry, Discord is not just a communication tool but a critical infrastructure for project cold starts, community consensus building, and ecosystem development. Many crypto alpha signals, airdrop opportunities, and early project interactions happen within Discord servers, with its influence deeply embedded in the industry.

Discord Key Data and Fundamentals for IPO

• Monthly Active Users: Over 200 million
• Latest Valuation: $15 billion (2021)
• Rejected Acquisition Offer: Microsoft’s $12 billion (2021)
• Core Business Model: Free + Nitro paid subscriptions
• CEO: Humam Sakhnini (former Activision Blizzard Vice President, appointed April 2025)
• Board: Co-founder Jason Citron remains on the board
• Employee Focus: About 15% dedicated to security and moderation initiatives
• Market Benchmark: US tech IPO financing total of $15.6 billion in 2025

Strategic Choice: Reject Microsoft Acquisition, Opt for Independent Listing

A landmark event on Discord’s path to IPO was its rejection of an offer from tech giant Microsoft. In 2021, Bloomberg reported that Microsoft proposed a $12 billion acquisition, but Discord’s management declined. This decision sparked widespread discussion at the time. Looking back, it clearly demonstrates the founding team’s commitment to independent growth and long-term vision. Rejecting integration into a tech empire means Discord chose a more challenging but potentially more rewarding path—becoming an independent public company to define its own social future.

After rejecting the acquisition, Discord’s capital moves did not stop. The same year, a funding round led by Dragoneer Investment Group pushed its valuation to a peak of $15 billion. This capital fueled subsequent product development, market expansion, and team building. Meanwhile, the company also made key governance adjustments. In April 2025, Humam Sakhnini, with extensive experience in gaming and management, took over as CEO from co-founder Jason Citron. Sakhnini, previously Vice President at Activision Blizzard, is widely seen as a critical move to strengthen Discord’s commercialization and prepare for listing. Citron remains on the board to ensure continuity of product vision and culture.

Choosing to go public now also reflects Discord’s confidence in its commercialization process. Although specific financial data remains undisclosed due to confidentiality, market interest centers on revenue growth from Nitro subscriptions and potential future monetization avenues like advertising. For a platform with 200 million monthly active users, monetization potential is enormous. Listing will provide significant capital for accelerating technology R&D, global expansion, and possibly acquisitions to strengthen its ecosystem. More importantly, becoming a public company will bring higher transparency and credibility, helping address regulatory challenges such as content moderation.

For the crypto community, a Discord that remains independent and subject to public market oversight may better align with its decentralization ethos. As a public company, it will be accountable to shareholders, with data policies, moderation rules, and business decisions scrutinized more strictly. This could, to some extent, push the platform to find a more stable and predictable balance between supporting innovation and complying with regulations—something all Web3 projects building communities on it would welcome.

Challenges and Opportunities: Growth Narrative Under Security and Compliance Pressures

Despite promising prospects, Discord’s IPO journey is not without challenges. The foremost is increasing regulatory pressure, especially from U.S. state governments, regarding minor safety measures. As a highly free community platform, how to effectively identify, manage, and remove harmful content—particularly involving children—is a persistent challenge requiring ongoing resource investment. The company discloses that about 15% of its staff focus on safety initiatives, including using machine learning to detect violations and empowering community moderators. These compliance costs and potential legal risks are factors investors will consider.

On the other hand, the growth story contains three key layers: first, the continued deepening of its core gaming and entertainment communities. As e-sports and online social entertainment grow, Discord’s role as a central tool is expected to strengthen. Second, its penetration into work and collaboration scenarios. During the pandemic, many teams and companies began using Discord for remote work, with its flexible channels and integration capabilities showing potential to replace traditional enterprise communication tools. Third, and most exciting for the crypto market, is its strategic value as a Web3-native portal.

In crypto, Discord has become an “essential” platform for project-community interaction. Future developments could include deeper blockchain integrations, such as using NFTs as membership credentials, introducing tokenized community incentives, or integrating with various blockchain wallets for easier login and payments. These initiatives can boost user engagement and open new revenue streams based on crypto economies. The new CEO’s background in gaming suggests a strong understanding of virtual economies and digital assets, which could give Discord an edge in exploring Web3.

Ultimately, how the capital markets view Discord will depend on its ability to tell a clear “three-in-one” story: a continuously growing massive community network, a robust and diversified monetization engine, and a strategic gateway to the future digital economy. Its post-IPO stock performance will also serve as a market indicator of how “community value” and “Web3 infrastructure value” are being priced.

Outlook: How Will Discord’s Listing Shake Up the Web3 Ecosystem?

Discord’s successful IPO will have ripple effects far beyond a typical tech company, impacting the entire Web3 ecosystem. The most immediate effect is providing a new, closely linked market indicator. For a long time, the crypto industry lacked direct links to traditional capital markets that reflect underlying community activity and infrastructure value. Discord’s stock performance will, to some extent, become a “thermometer” for measuring the health of Web3 community economies and mainstream acceptance. Its financial reports on user growth, paid conversions, and investments in crypto-related features will be key industry reference points.

Secondly, the capital and resources from going public will accelerate product innovation and ecosystem expansion. With more capital, Discord may speed up acquisitions of excellent bot tools, management plugins, or emerging community products, strengthening its moat. More importantly, it could have greater confidence to explore forward-looking but initially unprofitable Web3 integrations—such as NFT membership, token incentives, or blockchain wallet integrations—creating a more powerful and feature-rich platform. This will benefit thousands of crypto projects building communities on Discord, improving operational efficiency and user experience across the ecosystem.

However, going public also means Discord must more carefully balance innovation and compliance. As a public company, every decision involving cryptocurrencies or blockchain technology will face stricter regulatory scrutiny and shareholder questions. This might lead to more cautious steps in integrating crypto features, possibly slowing down some initiatives compared to purely crypto-native companies. But if this cautious approach is combined with clear compliance frameworks, it could foster more sustainable and mainstream-acceptable Web3 products, helping the industry find a viable “outreach” path.

In summary, Discord’s secret IPO application marks a turning point. It signals that the platform, originating as a gaming voice tool and accidentally becoming a crypto revolution “town hall,” is maturing and preparing for broader market validation. Regardless of valuation, the IPO itself is a victory—proof that interest-based, decentralized community models hold enormous commercial value and that platforms connecting social reality with the future digital economy are becoming new investment favorites. For every crypto enthusiast navigating Discord servers daily for alpha, the platform you rely on is now knocking on the doors of Nasdaq.