Based on input from sources close to the situation, the Wall Street Journal reported that social networking giant Facebook is preparing to launch its initial public offering (IPO) in May. Media reports indicate that it will be the largest U.S. Internet offering.

A source close to the matter told WSJ that the company has stopped trading its shares on the secondary market this week, as it is in the process of determining the shareholder count. As per the WSJ report, the social networking giant filed for an IPO in early February. WSJ reporters Shayndi Raice and Randal Smith wrote that Facebook is planning to raise as much as $10 billion and the eight-year-old company is worth $100 billion.

Last year, according to the Journal, Facebook made $1 billion on revenue of $3.71 billion. The total number of global subscribers is around 845 million.

The source told WSJ reporters that Facebook is still in discussion with the Securities and Exchange Commission (SEC) over its IPO and expects to file at least one more amendment to its S1 registration papers. As per the source, on Tuesday the company filed an amended S1.

The source told WSJ that it is not clear when exactly in May Facebook will go public with its IPO. And it may further change, depending on the SEC. Facebook has no control, the source told WSJ.

Raice and Smith wrote that since Facebook filed to go public, the demand for its shares on the secondary market has mushroomed, boosting total value to $105 billion in some trades. A person familiar with the secondary market told the reporters that it is normal for companies to stop trading before an IPO in order to account for the company’s current shareholder base.