Although the music streaming company is keeping its cards close to its chest, a source however has disclosed its upcoming plans.

Although Spotify disclosed on Friday that it has no immediate plans for an IPO, as per a source familiar with the matter at hand, the music streaming service is likely to come out with an IPO within a year.

In a statement Spotify stated a stock market listing was still an option but still does not have any “confirmed any definitive plans to go public”.

However as per a source who is familiar with the matter at hand, “the implication is that it would be within 12 months from now”.

As per its Luxembourg-based holding company, Spotify lost $194 million (173 million euros) in 2015. The company has most recently been valued at $13 billion.