Facebook has spoken.

Its long-anticipated filing of the preliminary prospectus, which confirms its intent to go public. However, more coveted details of the offering have been disclosed.

Since Facebook has reached more than 500 private shareholders, it is required to disclose its financial progress. This spurred conversations about an IPO, and The Wall Street Journal announced Friday that Facebook would file on Wednesday.

“I’m looking forward to see the valuation of Facebook as we near closer to May,” senior Ryan Scott said. “It will certainly set a record within the tech industry. I’m just excited to see what the number will be.”

However, the company aims to raise half of what they initially reported, which was $10 billion; therefore expecting to raise $5 billion in funding.

Do not underestimate this cautionary slice in fundraising. Even with the intent to raise $5 billion, Facebook is still on track to be the biggest tech IPO in history.

Online tech website Mashable received information from a report that suggested that though Facebook is starting out with a more conservative base for funding, it could decide to increase the currently set $5 billion.

Furthermore, Facebook has made “friends” with Morgan Stanley, who will serve as the lead bank for their IPO.

Behind them, other book runners include Goldman Sachs, Bank of America, Merrill Lynch, Barclays Capital and JP Morgan.

With the IPO on the horizon, Facebook announced last week that it would begin to roll out Timeline to all users as the common user template.

“I’m not at all looking forward to the new Timeline template because I think it looks too much like a MySpace profile,” junior Bridget George said. “I just wish Facebook would slow down its process of changing its layout.”

Facebook is expected to offer shares to the public sometime in May.