Private investors are more bullish on Spotify’s prospects, after the music streaming company posted growing revenue and margins in the first half of the year, according to a Thursday report in The Information.

Spotify’s results for the first 6 months of the year:

• Revenue: $2.2 billion, on pace to grow 40 percent year-over-year by the end of the year
• Gross margins: 22 percent, up from 15 percent in all of 2016
• Operating loss: Between 100 million and 200 million euros ($118.4 million to $236.8 million)

Source: The Information

Investors estimate that the company has grown to about $16 billion in value, up from $13 billion earlier this year, according to The Information, which cited a person familiar with trading of Spotify shares. Spotify is not publicly traded, although multiple outlets have reported that it may be eyeing a public listing of some kind in the near future.

Better deals with music labels may have helped Spotify, but the company is still losing money, according to The Information. Spotify was not immediately available to comment on the report.

For more, see the full report at The Information.com