According to an X account, Spotify added several new strings on its latest iOS update mentioning lossless support. It seems it's coming soon.

To be clear: Spotify’s lossless streaming still isn’t available yet. But these small lossless mentions and recent reporting indicate that the company may be ready to add lossless at long last.

Spotify introduced a lossless audio tier four years ago. While it is yet to see the light of day, tipsters suggest that its time is coming soon.