The New York Times is reporting that Facebook will file the necessary paperwork to host an Initial Public Offering tomorrow. The company is said to be looking to raise $5 billion in the offering, although that number may change and is likely to be a fraction of what the company actually brings in on the big day.
Facebook's IPO is the most anticipated since Google went public in 2004. The search giant raised $1.67 billion in its initial offering. Facebook has been rumored to make the move for a long while, and has grown to a massive size even as a private firm.
Financial services giant Morgan Stanley is expected to handle Facebook's filing, having prevailed in a battle with Goldman Sachs. The IPO is rumored to take place sometime in May. Call your broker.