Facebook will set a target of raising $5 billion in papers to be filed on Wednesday for an initial public offering. The New York Times and International Financing Review said $5 billion is only a preliminary target, and the final size could be larger. Last week, The Wall Street Journal reported that Facebook would seek to raise $10 billion at a valuation of $75 billion to $100 billion. At $5 billion, it would be the largest IPO ever by an Internet company, topping Google's in 2004 which raised $1.9 billion and valued the company at $23 billion.