They could perhaps buy call options against their direct competitors (Apple and Pandora, even though the latter is doing terribly) in the event that the IPO goe

They could perhaps buy call options against their direct competitors (Apple and Pandora, even though the latter is doing terribly) in the event that the IPO goes poorly, but that would essentially require that Spotify losses be countered by gains in the competitors, which is of course not a guarantee. Basically: they're kinda fucked if it goes south.