Facebook will put in its papers to IPO next week, according to the Wall Street Journal Friday, maybe by Wednesday February 1. Apparently the timing is still a bit up in the air but it’s in the works.

The offering, looking to raise $10 billion, is supposed to value the company at somewhere between $75 billion and $100 billion.

Britain’s Telegraph said PrivCo claimed Thursday night that Facebook was targeting an IPO price of $38-$40 for its shares, with a target value for the company of $90 billion-$95 billion because Facebook was “reluctant to aim for the full $100 billion valuation in the hope of leaving some value for investors following the listing.”

Morgan Stanley is tipped to take the company out with Goldman Sachs, which orchestrated a sloppy $1.5 billion private placement of Facebook shares a year ago, getting a piece of the action. That placement valued Facebook at $50 billion. After that deal went down TechCrunch figured Facebook had raised $2.34 billion.

Quoting unnamed sources CNBC reported that Facebook made $1.5 billion last year on operating profits of $3.8 billion.

The social networking firm basically has to go public. It already has so many shareholders it would have to start reporting like a public company April 30 anyway.

Google, valued at $23 billion, went public in 2004 raising $1.9 billion. It’s on record as the largest US Internet IPO still now. That was the year Mark Zuckerberg started Facebook in his Harvard dorm room. With the IPO he should be worth $20 billion.

Yahoo offered to buy Facebook for $1 billion cash four years ago.

Rumor also has it that Facebook will be a New York Stock Exchange stock, relatively unusual for a tech.