Alibaba on its way to tech-heavy NYSE for IPO

The New York Stock Exchange is increasingly becoming the sweet spot for Silicon Valley companies looking to go public.

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On track to become the biggest public debut in history, it is all but said and done that Alibaba will be headed to the New York Stock Exchange soon.

Bloomberg reported on Thursday, based on an unnamed source said to be familiar with the matter, that the Chinese tech giant would make the news official through an updated filing by the end of business hours today.

The NYSE itself confirmed the news in a statement. Alibaba will trade on the floor with the ticker symbol, "BABA."

The decision would mark another coup for the NYSE over fellow Wall Street exchange NASDAQ, the public image of which has suffered immensely since the botched Facebook IPO in May 2012.

The SEC eventually slapped the American stock exchange with a $10 million penalty over poor decisions made as well as systems set up during the initial public offering and secondary trading scheme for shares of the world's largest social network.

According to the government agency in 2013 , it was the largest penalty ever handed down against an exchange.

Since then, the NYSE has unofficially become a sweet spot for Silicon Valley businesses ready to make their public debut, demonstrated most prominently by Twitter last fall .

Alibaba filed its F-1 with the U.S. Securities and Exchange Commission in May following weeks of rumors and predictions about an IPO worth up to $20 billion.

The figure rounded out closer to a still-not-shabby $1 billion, although previous estimates have pegged Alibaba's worth to be around $168 billion, which would make it the most valuable Internet company after Google.

Alibaba has been making a number of moves to bolster its bottom line while courting Wall Street as well as Silicon Valley, from stocking up on patents to opening the doors to a new cloud data center in Beijing .

Known in the U.S. primarily for its association with Yahoo, Alibaba is an eBay-meets-Amazon and then some kind of business.

Alibaba owns Taobao Marketplace, China’s largest online shopping business, as well as Tmall, the country's largest third-party platform for brands and retailers. As boasted by the company itself in the F-1, "Alibaba is synonymous with e-commerce in China."

Most of Alibaba's revenue derives from online marketing and ads. Other revenue streams include membership and transaction fees, value-added services, and cloud services.