Industry leaders have been speculating as to when Spotify may pursue an IPO for a long time, but the streaming service has not given any hint about a plan to sell. The company has been posting strong growth in its user base, with 60 million listeners and 15 million paying subscribers as of January, but it hasn’t been able to turn that popularity into a business model that puts it in the black. Its successful fundraising and high valuation show that it is still a force to be reckoned with in the current music market (for comparison, Pandora was last valued at about $3.5 billion). The influx of money could also help Spotify fend off the upcoming competition from Apple’s anticipated streaming platform and whatever Google has in store with YouTube Music Key.