Facebook has set a price range of $28 to $35 US for its initial public offering of stock.
At the high end, this could raise as much as $11.8 billion.
That's much higher than any other Internet IPO in the past, even Google Inc. in 2004.
The range came in a regulatory filing Thursday.
The Wall Street Journal reported earlier Thursday that the price range would value Facebook Inc. at $85 billion to $95 billion.
Facebook, based in Menlo Park, Ca., will go on an "IPO roadshow," where executives talk to potential investors about why they should invest in the stock. If all goes well, Facebook's stock is expected to price on May 17 and make its public debut on May 18.
Facebook's IPO has been highly anticipated, not just because of how much money it will raise but because Facebook itself is so popular. The world's largest online social network has more than 900 million users worldwide.
CEO Mark Zuckerberg, who turns 28 this month, has emerged as a wunderkind leader who's led Facebook through unprecedented growth from its scrappy start as a hangout for Harvard students.
Zuckerberg will keep tight control over the company even after the IPO. He controls 57 per cent of the company's voting power, which means he will have final say over the biggest decisions facing the company.