Sonos has filed the paperwork for an initial public offering as early as June. The smart speaker company is looking to raise capital in the hundreds of millions range, according to The Wall Street Journal. If it is successful, that would place the business at a market valuation of between $2.5 billion and $3 billion.
Sonos emerged in 2002 and was an early player in wireless speakers. The company then announced a new direction to focus on subscription streaming audio and voice controls in 2016. It now sells the Sonos One, a well-regarded option for high-end smart speakers that uses Amazon Alexa for voice control and supports a range of music and audio services.