TechCrunch is reporting VC firm General Atlantic has submitted a term sheet with a $2 billion valuation to Facebook. Facebook founder Mark Zuckerberg previously said they would only raise new funds at the previous $15 billion valuation, a valuation that will not be happening now.

Facebook will soon need to raise money as the company continues to experience explosive growth, burning about $20 million a month in cash to support operations.

Facebook may also go for an IPO given the company recently ousted CFO Gideon Yu, looking for a CFO with public company experience.