Spotify is reportedly considering a direct listing on a stock market instead of taking the usual route of holding an initial public offering.
The move, in which the music streaming company would simply register its shares on a public exchange and let them trade freely, is relatively rare.
Many technology startups going public have so far avoided it because they have to comply with quarterly reporting rules without bringing in fresh funds.
Spotify declined to comment.
The Swedish firm is reportedly aiming for a valuation of more than $10bn (£8bn).
The music service was founded more than a decade ago and now has more than 50 million paying subscribers.
This week it also signed a new long-term licensing deal with Universal Music Group, the world’s largest record label.
Spotify, which includes TPG and Goldman Sachs among its major investors, has yet to release its 2016 financial results.