Spotify has finally officially filed for a direct public listing – which eliminates the need for a bank or broker to underwrite the public offering as the company isn’t raising new capital – on the New York Stock Exchange.

With the listing, Spotify is eyeing a market value of over $23bn, having traded shares at as high as $132.50 on private markets.

The company’s lofty market value estimate for itself is called into question by the $1.5bn loss it made in 2017 – though $1bn of this was due to a non-recurring expense from a transaction with Tencent in December of last year – according to the company’s F-1 filing with the US Securities and Exchange Commission. It’s actual operating loss widened to $461m in 2017 from $426m the year prior.

On the other side of the fence, the streaming service managed to generate $4.99bn in revenue, up from $3.6bn the year prior. In addition, its paid subscribers grew by 46 per cent year-on-year, with monthly active users (MAUs) up 29 per cent.

“With a presence in 61 countries and territories and growing, our platform includes 159m MAUs and 71m Premium Subscribers as of December 31, 2017, which we believe is nearly double the scale of our closest competitor, Apple Music,” said Spotify in the filing.