Spotify's un-IPO has arrived

Spotify and cash on a phone.
Illustration: Sam Jayne/Axios

All tech and business eyes are on Spotify, as the music streaming giant goes public today without a traditional IPO process.

Why it matters: Precedent. If Spotify's direct listing is successful, other private companies may pursue their own alternative paths to public equity, including ones like Spotify's that use investment banks more as navigators than as drivers.