The last time we discussed Spotify’s IPO ambitions was mid-May. Then, Bloomgberg Business were reporting that the tech streaming giant was poised to go public by Q3 2017 via direct listing at a $13 billion valuation. While we edge closer to the third quarter there hasn’t really been any signs of that coming to fruition soon but potential investors will be pleased to learn that the company’s valuation has since jumped to $16 billion.

Private trades of Spotify stock have been made with a valuation of $16 billion according to Financial Post sources. Sources noted the rising subscription numbers and strong demand as potential evidence that Spotify could even hit the $20 billion valuation when it goes public. In July, the company announced it had passed 60 billion paying subscribers in. An increase of 55 million in just 5 years.

According to GP Bullhound technology investment and advisory firm, and Spotify shareholder, there’s a higher ceiling in sight. In a report they estimated that the company could reach the $50 billion mark within a few years.

Looking back, in 2015 Spotify had just surpassed the total value of the U.S. music industry at $8.4 billion – half of what it’s worth today.

H/T: Financial Post