Ben Shapiro’s company wants a $2 billion IPO while its subscribers shrink, its audience drops, and it shuts down divisions.

The Daily Wire is in talks to take on at least $100 million in investment, with an eye on an initial public offering in a few years’ time.

The conservative media company Daily Wire was once a star of the MAGA digital universe, dominating social media feeds and podcast apps with a blend of “anti-woke” commentary, viral Facebook posts and ...