Will Discord go public before the end of 2027?

Discord looked ready to become a public company this year, but the expected stock-market debut never happened. The company reportedly filed confidential IPO paperwork in January and was said to be targeting March. Nine months later, investors still cannot see a public filing, and rising interest rates have made the timing less favorable.

The market is now leaning toward Discord remaining private. On Polymarket, “No IPO by December 31, 2027” trades at 57% probability.

Discord is the communication platform best known for gaming communities. Because it is still privately owned, people cannot buy its shares on a public exchange. An IPO would change that by allowing anyone to purchase part of the company.

Before an IPO, Discord must submit a prospectus to the Securities and Exchange Commission, or SEC. The document explains how the company earns money, where it spends money, and what risks investors face. Companies can submit the first version confidentially, but the filing must become public at least 15 days before the first trading day.

Discord began preparing for a public listing after hiring Humam Sakhnini as chief executive in April 2025. Sakhnini said his goal included “someday becoming a public company.” The company later appeared to move closer to that goal. In January, Bloomberg reported that Discord had submitted a confidential draft and hired Goldman Sachs and JPMorgan to manage the offering. TechCrunch then reported that the listing could happen as early as March.

March passed without a public offering. The SEC's public database still does not show a public prospectus from Discord. Since the company must publish its filing at least 15 days before trading begins, the IPO could not happen immediately even if Discord released the document today.

Missing that window is important because the IPO market was unusually active from April through June. US companies raised a record $104.8 billion in IPOs during the second quarter, according to Renaissance Capital. Discord had a chance to enter the market during a period when investors were showing strong demand for new stocks, but it stayed private.

The environment has since become more difficult. On September 16, the Federal Reserve raised interest rates. Higher rates make low-risk savings and bonds more attractive, while new companies usually need to offer investors a better reason to accept the risks of buying their shares. Renaissance Capital also said the number of new listings this quarter was below expectations.

Additionally, Reddit provides a perfect example of how long the process can take. The company filed its confidential IPO draft in December 2021 but did not begin trading until March 2024, roughly 27 months later. If Discord follows a similar timeline from its reported January filing, its debut could occur in spring 2028, after the Polymarket deadline.

Even so, Discord already missed the strongest part of this year's IPO market, and higher interest rates have weakened the case for rushing onto an exchange. We expect Discord to remain private through the end of 2027. At 57 cents, we think “No IPO by December 31, 2027” is more likely than the market currently suggests.