Biracks and biquandles, which are useful for studying the knot theory, are special families of solutions to the set-theoretic Yang-Baxter equation. A homology theory for the set-theoretic Yang-Baxter equation was developed by Carter, Elhamdadi and Saito in order to construct knot invariants. In this paper, we construct a normalized homology theory of a set-theoretic solution of the Yang-Baxter equation. For a biquandle X, its geometric realization BX is constructed, which has the potential to build invariants of links and knotted surfaces. In particular, we demonstrate that the second homotopy group of BX is finitely generated if the biquandle X is finite.