Among all the music streaming services that are on the market right now, there's no denying that Spotify is one of the biggest. Fortune estimated that the company was worth anywhere from $16 to $20 billion in September, and it looks like that number could grow substantially larger seeing as how Spotify has apparently filed for an IPO.

Axios has spoken with sources that confirm Spotify filed for the IPO in December, and this suggests that the company will be aiming to go public at some point in Q1 of 2018. Unfortunately, since the filing was done confidentially, there aren't any specifics that we can dive into.

Spotify is choosing to forgo the traditional float.

What's interesting about this is that Spotify is choosing to go public right away rather than start out with a float in which shares are created and sold in large quantities to the likes of banks and investment funds before the general public can start buying and selling. This is a more traditional way of going public for companies like Spotify, so it'll be interesting to see how this immediate IPO pays off.

Going public could be the next big step that Spotify needs to take, but it remains to be seen if the company can stay on track for its launch of Q1 for it. Wixen Music Publishing recently slammed the streaming service with a lawsuit of $1.6 billion for using certain songs "without a license and without compensation."

Spotify has yet to address the suit, and while it may not have any impact on the IPO at all, it'll be interesting to see how Spotify chooses to handle this over the next few weeks.

Spotify is testing a sleeker and less cluttered UI for its Android app