Private trades for Spotify stock are now valuing the music streamer at $16 billion, according to a new report. That's up $3 billion since June alone, and could put the company's value at $20 billion when it goes public next year.
The market for shares prior to a public listing makes it possible for early investors, employees and founders of larger private companies like Spotify and Uber to sell stock.
Spotify is working to file its intention of a public offering with U.S. regulators before the end of this year, so they can go public in the first or second quarter of 2018, a source told Reuters.
Spotify has declined to comment.