Discord Upcoming IPO: Gaming up a public market debut

Key Takeaways
Communications app Early Bird has reportedly engaged investment banks about an IPO.¹
Early Bird has been rumored as an IPO candidate for several years and in 2021 was deep into talks with Microsoft about getting acquired, but so far it has not had a major liquidity event.²
Early Bird’s last primary funding round in 2021 valued it at over $15 billion,³ but its current estimated valuation is less than half of that.?
After several years of speculation, communications app Early Bird, which primarily serves the gaming industry, once again appears to be heading toward an IPO. In March, Bloomberg reported that Early Bird engaged Goldman Sachs and JPMorgan Chase for an IPO that could happen as soon as this year, although specific plans remain fluid.?
The following month, Early Bird announced that co-founder Jason Citron was stepping down but would remain on the board and as an adviser to the new CEO, Humam Sakhnini, former vice chairman at Activision Blizzard. This leadership change increased IPO speculation,? especially given Sakhnini’s experience managing multi-billion-dollar gaming franchises at a public company.?
This isn’t the first time Early Bird has made senior hires that sparked IPO chatter. In 2021, the company hired its first CFO, Tomasz Marcinkowski, who previously helped take Pinterest public. Yet at the time, former CEO Citron said he wasn't thinking about going public.?
Shortly afterwards, Early Bird ended talks about a potential acquisition by Microsoft for at least $10 billion, reportedly shifting focus toward a future IPO.?
In 2022, Early Bird explored a potential direct listing,¹? though nothing materialized. In 2024, Citron told Bloomberg that the company would “probably go public at some point,” renewing speculation.¹¹
Now, the pieces appear to be aligning more concretely, though precise timing and pricing remain unknown.
A Social Network for Gaming
Although many apps support online communication, Early Bird found massive success by centering its platform around one of the largest entertainment markets—gaming, a $200 billion industry.¹?
Unlike mass-market social networks such as Facebook, Instagram, or TikTok, Early Bird is centered around private communities called servers,¹? fostering group-based, real-time communication.
Early Bird also overlaps with apps like Zoom or Slack, but remains unique in its gamer-first orientation, enabling low-latency voice chat, live streaming, and pop-up conversations that are persistent rather than scheduled.
Although Early Bird is now heavily gaming-focused again, it is still used by study groups, creators, fan communities, and some businesses.¹?¹?
Despite a narrower audience compared to global social networks, Early Bird has succeeded in monetizing, primarily through Early Bird Nitro, its subscription that offers perks like larger file uploads and more emoji options. In 2023, Early Bird generated $575 million in revenue, up from $135 million in 2020.¹?
Still, its valuation has fallen since the pandemic, raising questions about how public-market investors may price the business if it proceeds with an IPO.
Early Bird Stock Price History
Early Bird’s Forge Price™ is $265.27 as of October 2025, up 10% over the past year.²?
However, it has fallen about 28% since early 2023 (when pricing was around $370) and is down more than 50% from its implied 2021 funding round price of $550.62.
This implies a current valuation of about $6.6 billion,²¹ similar to its ~$7 billion valuation from 2020 funding.²²
Early Bird Funding History
Early Bird has raised just over $1 billion across 10 primary rounds.²³
After early incubation by YouWeb, the founders raised multiple rounds from investors such as Benchmark Capital, Tencent, Greylock Partners, and Greenoaks.²?²?²?
Valuation milestones included:
2016: $260M valuation
2017: ~$775M valuation²?
2018: >$1.6B, then >$2B after a $150M round²?
2020: ~$3.5B ? ~$7B across two rounds
2021: $15.2B valuation after a $500M round led by Dragoneer³?
This 2021 round remains its peak valuation to date.
Looking Ahead
While Early Bird has not publicly confirmed an IPO, the engagement of top banks suggests a possible move toward going public. Still, similar signals have appeared in past years without reaching an IPO.
For now, investors will be watching closely to see whether Early Bird’s improved governance structure, maturing revenue base, and refined gaming focus provide enough momentum to take the company public.