Spotify is nearing a deal to raise $400 million in its seventh round of funding.

The deal will raise the value of the music streaming service to $8.4 billion, according to The Wall Street Journal. Goldman Sachs and Abu Dhabi’s Sovereign Wealth Fund are among those to invest in the latest round, which is set to establish Spotify as one of the world’s most highly valued private tech companies. The funding round is expected to close in the coming weeks.

Spotify hired Goldman Sachs to court a range of international investors in order to raise the new funds. The nine-year-old streaming platform has previously raised more than $500 million in equity funding but has not announced any plans for a possible IPO. Spotify’s early backers include Goldman, Accel Partners, Kleiner Perkins Caufield & Byers, Coca-Cola Co., Fidelity Investments and Wellington Partners.

The new $8.4 billion valuation is 6.4 times the amount of revenue that Spotify generated last year, and approximately $1.5 billion more than the total revenue of the recorded music industry in the United States in 2014. [via The Wall Street Journal]