Discord's stalled IPO process after its confidential January 2026 SEC filing with Goldman Sachs and JPMorgan has driven the 67.5% market-implied probability of no listing by December 31, 2027. The March 2026 target passed without a public S-1, and as of late October no prospectus or listing date has emerged amid SEC review timelines and softer conditions for consumer tech offerings. Secondary-market marks from Forge Global and fund filings now imply valuations of roughly $8.5–10 billion—down sharply from the 2021 $15 billion peak—reflecting revenue around $600–725 million ARR, over 200 million monthly active users, and positive adjusted EBITDA stretches. Trader consensus prices in substantial uncertainty over whether Discord will proceed at all or at what closing market cap if it does.