TrillerNet, owner of streaming and short-form video app Triller, is preparing to go public through a direct listing, per Reuters.

The company is looking to raise $500 million from private investors for a 10% stake in the company before the listing. Once on the market, it is aiming for a valuation north of $5 billion.

Triller has leaned into sports, particularly combat sports, as it broadens its focus beyond short-form video toward streaming live events. 

• Earlier this month, Triller signed a deal to stream BIG3 basketball games and content.
• In April, Triller bought combat-sports-focused streaming service Fite TV. 
• Triller’s Fight Club, co-owned by Snoop Dogg, has mixed music and fighting events. The brand helped launch Jake Paul’s boxing career by streaming his fight against Ben Askren. 
• Triller recently acquired Verzuz, the music streaming battle series created by Timbaland and Swizz Beatz.

The company said it has 300 million users across its various platforms.

Direct listings have emerged as a popular path to the public market. The method is cheaper than an IPO, partly because companies don’t have to pay underwriters. 

Roblox, Coinbase, Slack, Spotify, and Palantir are among the many companies that have opted for a DPO. 

Triller looked into going public through a SPAC, but investors have cooled on that investment vehicle after the SEC issued guidance on them.