Spotify’s valuation is shooting up the charts.

The music streaming service for mobile devices and desktops is on the brink of raising $400 million, according to recent reports that cite unnamed sources, a figure that would value the privately held Spotify at about $8 billion.

Wealth management firm Goldman Sachs and state-sponsored backers out of Abu Dhabi are two alleged investors. They’re likely joined by other similar INVESTMENT firms. The fundraising round is expected to solidify in the coming weeks.

Spotify declined to comment.

The influx of funds would ratchet Spotfiy higher on the list of billion-dollar tech startups, which also includes Dropbox at $10 billion, AirBNB at $20 billion, Snapchat at $15 billion, and both Uber and Chinese phone-maker Xiaomi in the $40 billion range.

Spotify, first launched in 2008, now has 60 million active users worldwide, 15 million of which are paid subscribers.

Though more financially successful than rivals like Pandora, Spotify could face pressure if Jay-Z’s Tidal streaming service, which promises lossless audio quality, seduces enough fans. Madonna, Coldplay, Rihanna, Kanye West, Beyonce and Taylor Swift are all Tidal backers.