FILE - This Dec. 13, 2011 file photo shows a sign at Facebook headquarters in Menlo Park, Calif. Facebook, the social network that changed "friend" from a noun to a verb, is expected to file as early as Wednesday, Feb. 1, 2012, to sell stock on the open market. Its debut is likely to be the most talked-about initial public offering since Google in 2004. (AP Photo/Paul Sakuma, file)
FILE - This Dec. 13, 2011 file photo shows a sign at Facebook headquarters in Menlo Park, Calif. Facebook, the social network that changed "friend" from a noun to a verb, is expected to file as early as Wednesday, Feb. 1, 2012, to sell stock on the open market. Its debut is likely to be the most talked-about initial public offering since Google in 2004. (AP Photo/Paul Sakuma, file)
FILE - In this May, 26, 2010 file photo, Facebook CEO Mark Zuckerberg talks about the social network site's new privacy settings in Palo Alto, Calif. The Wall Street Journal reported Friday, Jan. 27, 2012 that Facebook is preparing to file initial paperwork for an offering that could raise as much as $10 billion and value the company at $75 billion to $100 billion (AP Photo/Marcio Jose Sanchez, File)
This Jan. 12, 2012 photo, shows the exterior view of Facebook's new headquarters in Menlo Park, Calif. Facebook, the social network that changed "friend" from a noun to a verb, is expected to file as early as Wednesday to sell stock on the open market. Its debut is likely to be the most talked-about initial public offering since Google in 2004. (AP Photo/Paul Sakuma)
NEW YORK (AP) ? Facebook is updating its status from a private to public company. The shift is occurring as the Internet social network filed its long-awaited plans for an initial public offering of stock.
The documents filed Wednesday say Facebook hopes to raise $5 billion in its IPO. That would be the most for an Internet IPO since Google and its early backers raised $1.9 billion in 2004.
The final amount is likely to change during the next three to four months as Facebook's bankers gauge investor demand.
The IPO marks another major milestone for a Harvard-born startup that began as an online college hangout eight years ago. Since then, it has become a cultural touchstone that has transformed the way everyone from doting grandmas to sassy teenagers share information about their lives.
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