Facebook set to float

Facebook has filed for its initial public offering (IPO), and is widely expected to raise in the region of $5bn (£3bn) in new investment in the flotation.

The firm filed its request with the US Securities and Exchange Commission (SEC) yesterday, and is expected to be valued at $100bn (£63bn) once its shares become available.

According to the document, Facebook's revenue was $3.7bn (£2.3bn) last year, up from $2bn (£1.3bn) in 2010.

Describing his vision in the SEC filings, Facebook's CEO and founder Mark Zuckerberg (pictured) stated that he wanted his firm to provide great services, rather than simply turn a profit.

"Most great people care primarily about building and being a part of great things, but they also want to make money.

"Through the process of building a team – and also building a developer community, advertising market and investor base – I've developed a deep appreciation for how building a strong company with a strong economic engine and strong growth can be the best way to align many people to solve important problems.

"Simply put: we don't build services to make money; we make money to build better services."

The majority of Facebook's income stems from selling the data it collects about its users to advertising firms, who are then able to target ads to the demographics they believe are most likely to be interested in those products.