Twitter announced last week that it has submitted an S-1 form to the SEC for a planned IPO. Appropriately, Twitter announced their intentions to go public last Thursday in a tweet. The news of Twitter going public made both Wall Street and Main Street perk up. No doubt this is an IPO that is going to get a lot of attention.

What is an S-1 form? The S-1 form is simply the company’s way of admitting that it makes less than $1 billion in revenue each year. The JOBS Act, passed in 2012, is the act that exempts a company generating less than $1 billion in revenue per year from certain IPO regulations. That same act allows companies like Twitter to keep its financial data secret until it actively starts marketing the stock.

Twitter waited out this IPO process for a while, but the company decided to make a move as the market environment improved drastically. The disaster that was the Facebook IPO process is no longer extremely fresh in investors minds. Twitter certainly wasn’t going to go public soon after that public relations nightmare. Now, Twitter is in a much better position to go public. Facebook shares are now trading well above their initial price. LinkedIn shares are up more than 100 percent year to date. Clearly, investors are warming to the entire social media group. Twitter appears to have timed this move well.

Over the course of the year, 131 companies have filed IPO’s, but none of them have the brand name of a company like Twitter. Twitter has well over 200 million active users, and many believe that number might be closer to 300 million.

When will Twitter actually go public? The company would like to go public by the end of the year, but there is a chance it might be early on in 2014.

For more information on the upcoming Twitter IPO click here.