SpotifyThe digital music-listening service Spotify is finalizing a round of funding that values the U.K. company at more than $3 billion, the Wall Street Journal reports.

Spotify lost $56.6 million last year, more than it did in 2010, the Journal reports based on the accounts of Spotify’s Luxembourg-based holding company. And with Apple poised to launch its own personalized radio service, Spotify faces tough competition in the months ahead.

AirBnB, the digital home-space rental agent, is also finalizing a funding round that puts its value at $2.5 billion, the same article reports.

Square, meanwhile is valued at $3.5 billion.

Companies and investors are assessing value more conservatively in the wake of lousy performances by Facebook and Groupon, according to the report.