A pending deal to raise $400 million in funding would give Spotify an $8.4 billion value, according to The Wall Street Journal sources. The 9-year-old online music streaming service is expected to close the funding round within the next few weeks.
No date has yet been set for a possible IPO, the WSJ reports.
If successful, the deal could take the company from profit-losing to highly-valued tech company with investors like Goldman Sachs and Abu Dhabi's sovereign wealth fund.
Earlier this year the company said it had about 45 million free users and 15 million users who pay $9.99 a month for no ads, according to the Journal.