CNBC is reporting that the company plans to raise $6.5 billion from a combination of private investors, an undisclosed debt investor and investors in the US and Europe.

The company is expected to issue an initial public offering (IPO) in the second quarter of 2021, CNBC reported.

The IPO will be subject to a stockholder approval process.

The timing is currently unknown, CNBC added.

The firm has been under intense scrutiny for the lack of liquidity it has at times in the last few years, with analysts predicting it could be forced to write off $7 billion of debt.

It is also not known if Twitter is targeting a US or European IPO, though the company previously said that it could target a US IPO, as well.

The IPO will help Twitter expand beyond the US, where it already operates a Twitter-owned mobile app, and has been expanding its business to the UK and Canada.

The UK government approved a $3.2 billion funding round last year, and Twitter is also in talks with the UK government to open a data center in London, the Wall Street Journal reported.

Twitter is the second-largest social media platform in the world, behind only Facebook, with more than 2 billion monthly active users.

The social network is expected hit a revenue growth rate of about $100 million per year by 2021, and is expected in the $6-7 billion range.