UPDATE: Pandora Could Break $2 Billion Mark

Why stop now? Pandora wants another $200 million from an IPO that could happen as early as tomorrow.

Not long ago, Pandora was looking to go public at a valuation of $1.3 billion. Well, that was last week. By Friday, the company upped the ante to around $1.9 billion, and today, the number is $2.1 billion – if it goes public at the mid-point of its price range of $10 to $12. Expectations are mounting rapidly for the company that could be going public on the New York Stock Exchange as early as tomorrow.

The $800 mn increase in market cap in such a short period of time is only one side of the story. Pandora is not profitable, though its situation is far different from that of Groupon, which is basically shoveling money out the window every quarter (as if they make shovels that big …). BTIG Research is bearish on the company because it “doesn’t expect Pandora to have the earnings to justify the valuation it’s going public with,” according to the San Francisco Chronicle.

If all goes well tomorrow, Pandora will have raised $162 million in capital from its initial public offering.