Discord’s IPO Prep — What the Leaked S-1 Actually Says
A draft Discord S-1 that briefly hit a private DocSend link this month leaked the company’s revenue lines, margin profile and lock-up structure.
FY 2025 revenue: $920M, up 28% YoY. Nitro subscriptions account for 64% of revenue, with the new Hubs commerce and platform-fees lines contributing 21% combined — a meaningful diversification away from the consumer-subscription concentration risk that haunted prior IPO runs.
Operating margin came in just under 12%, which positions Discord at the high end of social-platform comparables but below the SaaS-dominant tier. The 270-day lock-up structure and confidential-filing path imply a target window of late Q3 2026 if market conditions cooperate.
$920M and a 12% margin is a real IPO. The Nitro-to-platform-fees transition is the single most important number in that prospectus.
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