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The stage is set for a monster Facebook IPO

Yelp isn't the only company happy with its stellar IPO.

Things are looking up for Facebook. Screenshot by Ben Parr/CNET

With Yelp's impressive IPO out of the way, all eyes are now on Facebook and its highly anticipated public debut. And thanks to Yelp, Facebook will have a lot of momentum for its IPO.

On its first day as a public company, Yelp's stock jumped by more than 60 percent, valuing the company north of $1.4 billion. It remains to be seen how Yelp will fare in the weeks to come, but for now Wall Street has declared Yelp a winner.

It's a stark difference from Groupon and Zynga's run on the public market. Groupon received a 31 percent pop on its first day as a public company, but its stock has since fallen below its IPO price. Zynga's share price actually closed under its IPO price on the first day, but has since grown by more than 40 percent--thanks in part to Facebook's impending IPO.

Yelp will likely be the most high-profile technology company to have an IPO before Facebook. That's why people will be watching the local reviews company to determine how much interest there will be in a Facebook IPO.

If Yelp can sustain or grow its current valuation, its public debut could defy even the loftiest expectations. If Yelp's stock tanks in the coming months, the seeds of doubt will begin to surface.

For now though, Facebook is basking in the positive press of Yelp's successful IPO.

Add in the fact that the stock market on the rise, and you have a recipe for an IPO that could shatter expectations.

Thanks to Yelp, the stage is set for the biggest technology IPO in history. The stars are aligning for the world's largest social network.