Reddit (RDDT) is the most direct public peer for Discord, and their valuation multiples are highly correlated. If RDDT shares drop significantly before Discord's debut, it will directly depress Discord's pricing expectations. Additionally, the Nasdaq 100 (QQQ) represents broader tech sentiment, which dictates whether the IPO window is open and the level of premium investors are willing to pay.

April 29, 2026 - May 2, 2026, the '15–20B' price collapsed from 41.15c to 2.5c, the '<15B' price fell back from 21.55c to 16.95c, and 'No IPO' rebounded from 70c to 79.5c. This was due to the debunking of rumors suggesting a rushed Discord listing in Q2 at a $15B-$20B valuation, causing market expectations to rapidly revert to the 'no IPO' baseline. April 28, 2026 - April 29, 2026, the '15-20B' price skyrocketed from 1.95c to 41.15c, '<15B' climbed from 15.3c to 21.55c, while 'No IPO' fell from 80c to 70c. This was driven by sudden market rumors implying Discord might have filed a confidential S-1 and is planning to force an IPO by late Q2 at a $15B-$20B valuation, sparking massive speculative buying. April 25, 2026 - April 28, 2026, the 'No IPO by June 30, 2026' price rebounded from 69c to 80c as the market realized that with only two months left until the deadline, the lack of an S-1 filing makes a Q2 IPO increasingly unfeasible, returning expectations to fundamentals. April 24, 2026 - April 26, 2026, the 'No IPO by June 30, 2026' price surged from 69c to 82.5c, while the '<15B' price retreated to 13.1c after a brief rebound, as speculative sentiment regarding a rushed Q2 IPO for Discord cooled rapidly, returning expectations to the baseline. April 20, 2026 - April 23, 2026, the '<15B' price climbed steadily from 7.4c to 19.05c, and the 'No IPO' price slid from 75.5c to 71.5c, driven by renewed speculative momentum that Discord might expedite its IPO and accept valuation compromises. April 19, 2026 - April 21, 2026, the '<15B' price surged from 7.6c to 16.95c, while the 'No IPO' price fell from 83c to 70.5c, driven by resurgent market rumors that Discord might accept a compromised, lower valuation to push through a rushed listing by the end of Q2, causing capital to reallocate risk expectations. April 19, 2026 - April 20, 2026, the 'No IPO' option saw a slight pullback from 83c to 75.5c, reflecting minor profit-taking or arbitrage-driven adjustments following the recent dissipation of accelerated listing rumors, without altering fundamental expectations. April 17, 2026 - April 19, 2026, the 'No IPO by June 30, 2026' price surged back from 71.5c to 83c, while the '<15B' price dropped from 16.6c to 7.6c, as the rumors of an accelerated Q2 IPO were quickly digested and dismissed by the market, returning expectations to the baseline. April 14, 2026 - April 17, 2026, the 'No IPO by June 30, 2026' option plunged from 83.5c to 71.5c, while the '<15B' option surged from 7.9c to 16.6c, driven by market rumors that Discord might accelerate its IPO process in Q2, with valuations predominantly expected to be under $15 billion. April 10, 2026 - April 14, 2026, market prices remained stable; 'No IPO' hovered around 82c, indicating that consensus further solidified as the deadline approached. April 6, 2026 - April 10, 2026, market prices remained stable; 'No IPO' fluctuated tightly between 75c-78c, and '<15B' hovered around 11c-15c. March 18, 2026 - March 24, 2026, the market entered a period of extreme consolidation. The 'No IPO' option stabilized in the 77c-78c range, and the '<15B' option held around 16c. March 10, 2026 - March 11, 2026, the '<15B' option collapsed from 58.5c to 7.25c, while 'No IPO' surged from 25c to 89.5c, due to the evaporation of the 'urgent low-valuation IPO' thesis, as the market realized the compliance window had passed.