Discord secretly submits IPO application, the listing ambitions behind 200 million monthly active users

According to the latest news, Discord has secretly filed for an initial public offering (IPO) and is working with Goldman Sachs and JPMorgan Chase to advance the listing. This social platform, which is almost ubiquitous in the crypto community, is planning to transition from a private company to a publicly traded one. Although insiders indicate that discussions are still ongoing and the company may ultimately decide not to proceed, this move alone is enough to attract market attention.

Why is Discord Going Public

The Turning Point in User Base Commercialization

Discord has over 200 million monthly active users, a figure that makes any social platform envious. But behind this massive user base lies the challenge of sustainable monetization. Currently, Discord mainly earns revenue through subscription services (Discord Nitro) and server features, but these revenue streams are relatively limited. Going public could open up more monetization opportunities for Discord, including advertising systems, enterprise services, and payment integrations.

The “Second Headquarters” of the Crypto Community

As seen in the news, Discord has become a fundamental infrastructure in the crypto ecosystem. From project community management and airdrop administration to user discussions and exchanges, Discord nearly covers all major scenarios in the crypto world. This deep integration has led to an underestimation of Discord’s value in the crypto space; an IPO could help this value gain recognition from the capital markets.

Realistic Considerations Behind the IPO

Funding Needs and Expansion Plans

While specific fundraising targets were not disclosed in the news, looking at Discord’s development trajectory, an IPO usually means the company needs substantial capital to promote internationalization, product innovation, or acquisitions. For a platform already covering the globe, this funding might be used to deepen AI functionalities, enhance security, or expand into enterprise markets.

Interests of Founders and Investors

Discord has already attracted significant investment through private funding rounds, with a previous valuation of $29 billion. An IPO provides an opportunity for founders and early investors to convert paper wealth into real liquidity. This is necessary for investors seeking partial exit.

Potential Changes Facing the Crypto Community

Uncertainties and Risks

It is important to note that this transaction is far from finalized. Insiders have explicitly stated that discussions are still ongoing, and Discord may ultimately decide not to proceed with the listing. Several factors contribute to this uncertainty: firstly, the regulatory environment in the crypto industry is still evolving, and Discord needs to clarify its relationship with the crypto community before going public; secondly, listing will bring stricter financial disclosure and compliance requirements, which may conflict with some of Discord’s operational models; thirdly, the valuation pressure from the public market on social platforms may not be as optimistic as private investors regarding Discord’s long-term potential.

Summary

Discord’s IPO application reflects a broader trend: crypto infrastructure is seeking mainstream acceptance and compliance. With 200 million monthly active users, a global community, and a deep integration into the crypto ecosystem, these are core assets for Discord as a publicly listed company. However, going public also means Discord must balance maintaining its community features with meeting the demands of the public markets. In the short term, this news could boost attention to Discord-related concepts, but the ultimate outcome depends on regulatory developments and the company’s strategic choices. The most important follow-up will be how Discord manages its relationship with the crypto community and whether the listing will alter the platform’s neutrality.