Trump Media & Technology Group (TMTG), which he chairs, also intends to launch a subscription video-on-demand service.
Mr Trump was banned or suspended from social networks like Twitter and Facebook after crowds of his supporters stormed the US Capitol in January.
He and his advisers have since hinted that they were planning to create a rival social media site.
Earlier this year, he launched From the Desk of Donald J Trump, which was often referred to as a blog.
The website was permanently shut down a month later. His senior aide Jason Miller said it was "just auxiliary to the broader efforts we have and are working on".
An early version of his latest venture, TRUTH Social, will be open to invited guests next month, and will have a "nationwide rollout" within the first three months of 2022, according to a statement by TMTG.
"We live in a world where the Taliban has a huge presence on Twitter, yet your favourite American President has been silenced," wrote Mr Trump.
"Everyone asks me why doesn't someone stand up to Big Tech? Well, we will be soon!" he added.
TMTG said its video-on-demand service would "feature 'non-woke' entertainment programming, news, podcasts, and more".
The firm said it intends to merge with a special purpose acquisition company (SPAC) listed on the Nasdaq.
This will allow TMTG to become a publicly listed firm without going through the traditional processes of an initial public offering.
The SPAC, named Digital World Acquisition Corp, is headed by Patrick Orlando, who has raised several SPACs in the past but has yet to use one to take a company public, according to news outlet Axios.
Mr Trump's announcement comes months after his former aide Jason Miller launched another social media company called GETTR.
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