Spotify files for $1 billion IPO

Spotify has filed as a public IPO, Reuters reported Wednesday. The streaming service will appear on the New York Stock Exchange under the ticker name SPOT. They've reportedly filed with an initial public offering of up to $1 billion with the U.S. Securities and Exchange Commission.

Spotify's journey to a public IPO began in 2016; in January, it was reported that the company submitted the necessary documents to take it public. As of fall 2017, the company had 140 million regular users and 60 million paying subscribers.