Stockholm-based Spotify filed to go public Wednesday by submitting an F-1 to the Securities and Exchange Commission that contains years of data and details about how the 10-year-old company will launch its IPO.
The filing showed that the company’s revenue is growing sharply but its losses are ballooning. It posted €4.1 billion ($5.02 billion) of revenue in 2017, up nearly 39% from the prior year. The company, which has yet to turn a profit, posted a loss of €1.24 billion in 2017, wider than losses of €539 million in the prior year and €230 million in 2015.
A large portion of the company’s 2016 and 2017 losses stemmed from expenses related to $1 billion in convertible debt it raised in 2016, which has been converted into equity ahead of the listing.
Spotify’s debut will be one of the biggest technology listings in recent years. Based on private transactions in February, Spotify’s value touched $22.6 billion.