Discord filed confidential IPO paperwork with the SEC in early January and has pinned its hopes on a March 2026 debut, according to Bloomberg sources. The market is pricing this at 46¢, up from 22¢, as traders digest the significance of Goldman Sachs and JPMorgan Chase serving as underwriters. The San Francisco-based chat platform was last valued at $14.7 billion in 2021 and now claims more than 200 million monthly active users. The timing comes after chaos from federal budget cuts and government shutdowns scared off IPO hopefuls in 2025, making Discord's March target a crucial test for whether the IPO market has truly recovered.