People familiar with the matter say that Facebook could file for its initial public offering as soon as next week, according to reports from the Wall Street Journal. The source also says that Facebook is close to picking Morgan Stanley as the lead underwriter. The filing could happen next Wednesday, and the company is aiming for a $75-$100 billion valuation. It is looking to raise $10 billion in stock.

Facebook started in 2004 as a college-only social network. It opened to the public in September 2006, dropping the minimum age requirement from 18-years-old to 13-years-old. In little over seven years, it has grown to a userbase of 800 million people across the globe.

Reports say that the IPO will have two active managers; Goldman Sachs Group will most likely play an important role.

Morgan Stanley was a lead underwriter for both the 2011 Zynga and Groupon IPOs last year. To put this in perspective, Groupon went public with a $12.7 billion valuation, the highest tech valuation since Google's $23.1 billion. Google sold $1.7 billion in stock.

Facebook will go public under the symbol "FB," according to reports from BusinessInsider. Right now it's unclear whether Facebook will list on NYSE or Nasdaq.

Facebook has been on a roll these past few weeks, pushing out Timeline to all of its users, releasing 60 new social apps. It also halted its trading on secondary markets for three days earlier this week, hinting at an IPO.