PALO ALTO, Calif. — Facebook will launch its initial public offering in late 2012, the Financial Times reported Wednesday afternoon, citing people familiar with the company.

The social media giant had been thought to be considering an earlier IPO date — expected to be one of the largest ever — of April 2012, but decided to hold off, sources said. Some analysts had expected the offering to come as early as the end of 2011.

Facebook is thought to be valued at more than $60 billion.