From today's TRI Newsletter: Forbes looks at Pandora’s more than 80 million registered users and its prospects in #1, mobile advertising, #2, online advertising and #3, subscriptions – and decides the valuation of the company could be as high as $984 million. That's despite its projected operating losses through fiscal 2012. Forbes likes Pandora’s aggressive partnering with automakers and the rapid adoption of Pandora’s mobile app. Earlier this week, Pandora filed a revised S-1 registration with the SEC (here). One of the new elements, compared to the earlier filing, is a chart of “active users.” Over the last three years, those have risen by roughly a factor of ten, to just shy of 30 million. No indication when the Initial Public Offering will pop, but the revised filing suggests it’s getting closer.