The figures, published in Swedish newspaper Dagens Industri, were confirmed by the streaming music service's CEO Daniel Ek who went on to predict that revenue for the company in 2012 could reach $887m.
Ek also made it clear that he is more focused on growth than profit saying, "The question of when we'll show a profit actualy feels irrelevant. Our focus is entirely on growth. It is priority one, two, three, four and five."
To that end, reports suggest that the company is looking to build on its $1bn valuation, after raising $100m investment from DST, Kleiner Perkins and Accel in 2011, by raising a further $200m with a $4bn valuation in the crosshairs.
"At those levels, we would definitely be interested in talking," Ek told DI.
"We have no need of more capital in the current situation in order to operate the business plan we have. But I have learned to always take the money when you do not need the money. If an investor can add strategic value and the valuation is good, we are interested."