This is on revenue of $50 million in Q1 2011 (~$200 million annualized) [1] and a net operating loss. Revenue for Q1 2011 was almost as high as for all of 2010 ($55 million) [2], making this look like a growth bet.

[1] http://www.adweek.com/news/technology/pandora-revenue-double... [2] http://blog.eloqua.com/10-fast-facts-pandora/