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Spotify files for its unusual IPO

Photo: Chesnot / Getty Images

Music streaming giant Spotify today filed for a $1 billion IPO, although that figure is likely a placeholder that will change. Axios had previously reported on the company's confidential filing, but the new paperwork is public.

Why it matters: Spotify plans to utilize a direct listing instead of a traditional float, which explains why no banks are listed as underwriters (although Morgan Stanley is serving as financial advisor). If successful, it could change how well-known tech companies go public.