[Photo by: Spotify]

Confirming earlier reports of a coming public offering from the streaming service, Spotify officially filed to go public with the Security and Exchanges Commission on Wednesday, according to a new report from Billboard.

Read more: Spotify might start making speakers

With plans to trade under the New York Stock Exchange symbol "SPOT," information contained in the paperwork for Spotify's SEC filing reveals that the service boasts a user base nearly twice the size of its main competitor, Apple Music. Spotify claims 159 million monthly active users (and 71 million premium subscribers) as of the end of last year.

In January, reports first indicated that Spotify was eyeing a public offering. According to a "person familiar with the matter" at the time, the company filed confidential IPO documents with the SEC last December, aiming for a first-quarter 2018 listing. The announcement from Spotify to go public was anticipated to be revealed prior to March 31.

The company "could be worth more than $23.45 billion," according to Billboard, as shares on private markets have traded for up to $132.50, another aspect revealed in the filing. While this story is still developing, Spotify initially planned to go public with a unique "direct listing," per Bloomberg—the company requires no further funding for an initial public offering, unlike most corporations that file with the SEC.