Facebook is valuing itself at as much as $96 billion in its initial public offering, the largest on record for an internet company.

Facebook and its holders plan to sell about 337.4 million shares at $28 to $35 each, according to a regulatory filing today. At the top end of the range, the company would raise $11.8 billion, compared with the 2.92 billion euro ($2.8 billion) IPO for German internet company T- Online International AG in 2000, according to data compiled by Bloomberg.

Facebook has amassed more than 900 million users and reported a 24-fold increase in sales over the past four years. The company was considering an IPO valuation of as high as $100 billion, people with knowledge of the matter have said. At that amount, Facebook would have a market capitalization about half as high as Google's -- even though it has one-10th the sales.