How to Buy Discord Stock Before the IPO

Discord walked away from a $12 billion Microsoft acquisition offer in 2021. The company bet on itself—and now 200+ million monthly active users later, investors want in before it goes public.

The short answer: most retail investors cannot buy Discord stock directly. The company remains private at an estimated $15 billion valuation, and the secondary markets that trade Discord shares require accredited investor status and $25,000+ minimums.

But options exist. This guide breaks down exactly who can access Discord shares, through which platforms, at what cost—and what alternatives exist for investors who don’t qualify.

Quick Summary

What Is Discord?

Discord is a communication platform originally built for gamers that has evolved into a general-purpose community hub. Founded in 2015 by Jason Citron and Stan Vishnevskiy, the company provides voice, video, and text chat services organized around servers—private or public communities built around shared interests.

The platform serves multiple use cases:

Gaming Communities: Discord’s original core. Gamers use it for voice chat during gameplay, coordinating with teams, and building communities around specific games.

Creator Communities: YouTubers, streamers, and content creators use Discord to engage directly with their audiences, offer exclusive content, and build loyal fan bases.

Education and Work: Schools, study groups, and even companies use Discord for collaboration—a use case that accelerated during the pandemic.

Web3 and Crypto: Discord became the de facto communication layer for NFT projects, DAOs, and crypto communities, though this has brought moderation challenges.

The Microsoft Rejection

In April 2021, Microsoft approached Discord about an acquisition valued at approximately $10-12 billion. The deal would have integrated Discord into Microsoft’s gaming ecosystem alongside Xbox and potentially Teams.

Discord rejected the offer, choosing to remain independent. The company raised a $500 million Series H round shortly after at a $15 billion valuation—betting that its growth trajectory justified staying private.

Funding History

Discord has raised over $1 billion across multiple funding rounds:

The company hasn’t announced a new funding round since 2021, leaving the current valuation somewhat uncertain in today’s market environment.

Can You Buy Discord Stock?

The direct answer: No, you cannot buy Discord stock through a regular brokerage account. Discord is a private company, and its shares do not trade on public exchanges like the NYSE or NASDAQ.

However, there are pathways to Discord ownership depending on your investor status:

If you’re an accredited investor: You can potentially purchase Discord shares through secondary market platforms like EquityZen. These platforms facilitate transactions between existing shareholders (employees, early investors) and new buyers. Minimum investments typically start at $25,000+.

If you’re a retail investor (not accredited): Direct Discord ownership is not available. Your options are limited to indirect exposure through gaming ETFs or public companies in the communication/gaming space. Skip to the “Alternatives for Retail Investors” section for specific options.

If you’re a Discord employee: You may have access to company stock through equity compensation programs. Discord periodically allows employees to sell shares through tender offers or secondary transactions.

Accredited Investor Requirements

To access Discord shares through secondary markets, you must qualify as an accredited investor under SEC Rule 501 of Regulation D.

Income Test

You qualify if you earned:

• $200,000+ individual income in each of the past two years, OR
• $300,000+ combined income with your spouse
• Plus a reasonable expectation of reaching the same income level this year

Net Worth Test

You qualify if you have:

• $1,000,000+ in net worth, excluding your primary residence

Professional Credentials

You automatically qualify if you hold:

• Series 7 license (General Securities Representative)
• Series 65 license (Investment Adviser Representative)
• Series 82 license (Private Securities Offerings Representative)

Reality Check: Approximately 13% of U.S. households qualify as accredited investors. If you don’t meet these thresholds, skip ahead to the “Alternatives for Retail Investors” section—there are legitimate ways to get gaming and communication sector exposure without accreditation.

Verification Process

Secondary market platforms require documentation to verify accredited status. Expect to provide:

• Tax returns (W-2s, 1099s) for income verification
• Brokerage or bank statements for net worth verification
• Third-party verification letters from CPAs, attorneys, or registered investment advisers

How to Invest in Discord (If Accredited)

Accredited investors can access Discord shares through secondary market platforms that connect buyers with existing shareholders. Here’s how the major platforms work:

EquityZen

EquityZen is the most accessible platform for Discord shares based on current availability.

• Minimum Investment: $25,000+
• How It Works: EquityZen creates single-company funds that hold shares of private companies. You invest in the fund, which owns the underlying shares.
• Fees: Approximately 5% of transaction value
• Discord Availability: Confirmed available on the platform

Hiive

Hiive is a secondary market platform that facilitates private company stock transactions.

• Minimum Investment: Typically $25,000+
• How It Works: Hiive connects buyers with sellers (often employees or early investors). You browse available offerings, submit interest, and the platform facilitates the transaction.
• Fees: Generally 2-5% of transaction value
• Discord Availability: Availability varies; check platform for current listings

Forge Global

Forge Global operates a marketplace for private company securities with an institutional focus.

• Minimum Investment: $100,000+ (often higher)
• How It Works: Forge provides a trading platform and data services for private market transactions. The platform serves both individual accredited investors and institutions.
• Fees: Transaction-based pricing
• Discord Availability: May be available for larger transactions

Important Considerations

Before purchasing Discord shares on secondary markets, understand these realities:

Lock-up Periods: Many secondary market purchases come with restrictions on resale. You may not be able to sell until the company IPOs or for a specified period.

Pricing Opacity: Unlike public markets with transparent pricing, secondary market prices are negotiated. The price you pay may differ significantly from the 2021 funding round valuation.

Transfer Restrictions: Discord (like most private companies) must approve share transfers. The company can block secondary market transactions.

Valuation Uncertainty: Discord’s last public valuation was $15 billion in 2021. The current value could be higher or lower depending on growth metrics and market conditions.

Alternatives for Retail Investors

If you don’t qualify as an accredited investor—or prefer not to tie up capital in illiquid private shares—here are legitimate ways to get exposure to Discord’s success or the gaming/communication sector broadly.

1. Gaming and Esports ETFs

VanEck Video Gaming and eSports ETF (ESPO)

VanEck’s gaming-focused ETF holds publicly traded companies across the gaming industry.

• Ticker: ESPO
• Expense Ratio: 0.56%
• Holdings: Nvidia, Nintendo, Roblox, Electronic Arts, Take-Two
• Discord Exposure: None directly—ESPO cannot hold private companies
• Best For: Investors who believe in gaming industry growth

Roundhill Video Games ETF (NERD)

Another gaming-focused ETF with pure-play gaming companies.

• Ticker: NERD
• Expense Ratio: 0.50%
• Holdings: Gaming publishers, hardware makers, esports companies
• Discord Exposure: None directly
• Best For: Concentrated gaming industry exposure

Global X Video Games & Esports ETF (HERO)

Global X’s entry in the gaming ETF space.

• Ticker: HERO
• Expense Ratio: 0.50%
• Holdings: Similar to ESPO with slight weighting differences
• Discord Exposure: None directly
• Best For: Diversified gaming sector exposure

2. Public Companies in Adjacent Spaces

If you believe in Discord’s thesis—that community-driven communication platforms are valuable—consider publicly traded alternatives:

Roblox (RBLX) is the closest public market comparable to Discord—a platform that combines gaming with social interaction and community building. While the business models differ, both companies bet on user-generated communities as the core value driver.

3. Communication Platform Alternatives

Discord competes (loosely) with other communication platforms. Consider:

• Zoom (ZM): Video-first communication
• Slack (owned by Salesforce/CRM): Workplace communication
• Microsoft Teams (MSFT): The product Discord would have joined

These are imperfect comparisons—Discord’s gaming DNA makes it unique—but they offer exposure to the broader thesis that communication platforms command value.

4. Wait for the IPO

The most straightforward path to Discord ownership: wait for the company to go public.

Pros:

• No accreditation requirements
• Full liquidity from day one
• Transparent pricing
• Regulatory protections of public markets

Cons:

• Unknown timeline (could be 2-4+ years)
• IPO price may be significantly higher than current valuations
• No guarantee an IPO will happen at all

Discord Valuation History

Understanding Discord’s valuation trajectory helps contextualize what you’d be paying on secondary markets:

*Discord hasn’t raised publicly since 2021. Current valuation is estimated based on the last funding round.

Valuation Context

Discord’s $15 billion valuation (as of 2021) makes it:

• One of the most valuable private social/communication platforms
• Worth more than Slack was when Salesforce acquired it ($27.7B, but with different metrics)
• Valued at roughly 20-25x estimated annual revenue

The uncertainty factor: Unlike SpaceX or Stripe, which have had recent funding rounds confirming valuations, Discord’s last public valuation is nearly four years old. The actual value could be higher (if growth continued strongly) or lower (if the 2022-2023 tech correction affected private markets).

Risks of Pre-IPO Investing

Secondary market platforms make private stock accessible—but they don’t make it safe. Here’s what you’re actually signing up for:

Liquidity Risk: You Can’t Sell When You Want

Unlike public stocks, there’s no guaranteed buyer for your shares. If you need to exit:

• You must find a buyer on the same platform (or another secondary market)
• Transaction times can take weeks or months
• You may have to accept significant discounts to attract buyers
• Some platforms restrict sales until the company IPOs

The reality: Treat any pre-IPO investment as locked capital for 3-5 years.

Valuation Risk: The 2021 Price May Not Hold

Discord’s $15 billion valuation came at the peak of tech valuations in 2021. Since then:

• Public tech companies saw significant valuation compression
• Private market valuations have adjusted downward
• Communication/social platforms faced increased scrutiny

The price you pay on secondary markets may not reflect current reality—and the IPO price (if it happens) could be lower than the 2021 valuation.

Comparable warning: Instacart was valued at $39 billion in private markets in 2021. Its 2023 IPO priced at $9.9 billion—a 75% haircut.

Dilution Risk: Your Percentage Shrinks

Every new funding round creates new shares. If Discord raises additional capital before an IPO, existing shareholders get diluted. The company has raised 8+ funding rounds since 2015—each one reducing the ownership percentage of earlier investors.

Platform-Specific Risks

Discord faces unique challenges:

Moderation at Scale: With 200+ million users, content moderation is an ongoing challenge. High-profile incidents involving harassment, extremism, or illegal activity could damage the brand.

Monetization Pressure: Discord’s primary revenue comes from Nitro subscriptions. The company needs to grow revenue without alienating its community-first user base.

Competition: Microsoft Teams, Slack, and gaming-specific platforms continue to compete for users. Discord’s moat is cultural, not technical.

Regulatory Scrutiny: Social platforms face increasing regulatory attention, especially regarding minors’ safety and data privacy.

When Will Discord Go Public?

The honest answer: nobody knows, and the company hasn’t provided guidance.

What Discord Has Said

Discord has been quiet about IPO plans since rejecting Microsoft’s acquisition offer. The company’s leadership has emphasized building for the long term rather than optimizing for a public offering.

Analyst Speculation

Most analysts expect Discord to eventually go public, but timelines vary:

• Bull case: 2025-2026 if market conditions improve and revenue growth continues
• Base case: 2027-2028 as the company matures its business model
• Bear case: Acquisition by a larger tech company before an IPO

Historical Comparisons

Discord has been private for a decade. The Microsoft rejection suggests the company believes it can create more value independently—but that conviction will eventually need to be tested in public markets or through an acquisition.

The Bottom Line

Can you buy Discord stock? Most retail investors cannot. The company is private, and direct access requires accredited investor status plus $25,000+ minimums on secondary market platforms.

If you’re an accredited investor: Platforms like EquityZen offer access to Discord shares. Understand the liquidity constraints, valuation uncertainty (the last funding round was in 2021), and lock-up periods before investing. The $15 billion valuation may not reflect current reality.

If you’re a retail investor: Your options are limited to indirect exposure—gaming ETFs like ESPO for industry exposure, or public companies like Roblox (RBLX) that share Discord’s gaming-social thesis. None of these are true Discord proxies, but they offer liquid, accessible ways to invest in the gaming and communication sectors.

For everyone: Consider whether the 2021 valuation makes sense given market changes since then. Discord is a beloved platform with a loyal user base—but beloved products can still be overvalued. The best investment might be waiting for the IPO—whenever that happens.

Frequently Asked Questions

Can you buy Discord stock?

No, you cannot buy Discord stock through a regular brokerage account. Discord is a private company. Accredited investors can access shares through secondary market platforms like EquityZen with minimum investments of $25,000+. Retail investors are limited to indirect exposure through gaming ETFs or public companies in adjacent spaces.

Is Discord publicly traded?

No, Discord is not publicly traded. The company remains private and has no announced plans to IPO. Discord rejected a $12 billion acquisition offer from Microsoft in 2021, choosing to remain independent. Most analysts don’t expect an IPO before 2026-2027 at the earliest.

How much is Discord worth?

Discord was valued at $15 billion in its 2021 Series H funding round. However, the company hasn’t raised publicly since then, making the current valuation uncertain. Given market conditions since 2021, the actual value could be higher or lower than the last funding round.

When will Discord go public?

There is no announced IPO date for Discord. The company has been quiet about public offering plans since rejecting Microsoft’s acquisition offer. Most analysts estimate any public offering is 2-4 years away, though an acquisition by a larger tech company remains possible.

Why did Discord reject Microsoft’s offer?

Discord rejected Microsoft’s approximately $12 billion acquisition offer in April 2021, believing the company could create more value independently. Shortly after, Discord raised a $500 million Series H round at a $15 billion valuation, validating its decision to stay private—at least in the short term.

How can retail investors get Discord exposure?

Retail investors cannot buy Discord stock directly but can get indirect exposure through: (1) Gaming ETFs like ESPO, NERD, or HERO for sector exposure, (2) Roblox (RBLX) as the closest public comparable—a gaming/social platform, (3) Unity (U) as a gaming infrastructure play, or (4) waiting for Discord’s eventual IPO.

Sources

• Reuters: “Microsoft in talks to acquire Discord” (April 2021)
• EquityZen: Discord company profile and investment availability
• SEC: Accredited Investor Definition, Rule 501 of Regulation D
• Crunchbase: Discord funding history and company data
• CNBC: “Instacart IPO Prices at $9.9 Billion” (September 2023)
• Yahoo Finance: Public company data for RBLX, U, ESPO, NERD, HERO
• Discord: Company information and user statistics