我在此前一篇谈论Facebook一季度业绩的文章中曾提到过“Facebook正式自估市值近770亿美元”，但考虑到此事的重要意义，今天我想再单独撰文谈一谈。

    计算方式是这样的：Facebook最近收购了移动照片分享网站Instagram，宣布收购价约10亿美元。周一，它公布了更多的交易细节，声称收购价包括3亿美元现金以及“约2300万股” Facebook普通股。

    这意味着股票部分估值约7亿美元，合每股30.43美元。根据已发行股本，可以折算出Facebook总估值约750亿美元。

    但据一位知情人士称，收购Instagram的每股实际价格是30.89美元（即他们知道实际股本数量，并非约数）。若果，Facebook总估值升至760-770亿美元。

    这显著低于媒体盛传以及二级非公开市场（Facebook当前交易股价为40-45美元）反映的1000亿美元。

    但有可能Facebook在这里是发了个“低球”。从投资者对IPO的极大兴趣来看，价格上涨以及首日高开都很有可能。这不仅意味着下个月Facebook股价可能翻番，也意味着Instagram与最初要价20亿美元的距离也远小于人们所想。

    译者：早稻米

    I noted this in an earlier post of Facebook's first quarter financials, but I think it deserves one of its own: Facebook is officially valuing itself at just under $77 billion.

    Here's how the math works: Facebook recently acquired mobile photo-sharing site Instagram, announcing that the deal was worth approximately $1 billion. Today it provided more specifics, saying that the deal included $300 million in cash and "approximately 23 million shares" of common stock.

    That means the stock is valued at around $700 million, or $30.43 per share. Based on the number of shares outstanding, that works out to a valuation of approximately $75 billion.

    But a source familiar with the situation says that actual price per share for Instagram was $30.89 per share (i.e., they knew the exact number of shares, not an approximation), which brings the valuation up to between $76 billion and $77 billion.

    This is significantly less than the $100 billion that has been bandied around not only in the press, but on the secondary private markets (where Facebook shares have traded in the low $40s).

    Chances are, however, that Facebook is low-balling here. Investor interest in the IPO is expected to be intense, with both a price increase and first-day pop likely. Not only does that mean Facebook could still break the triple-digit mark next month, but also means Instagram might actually have gotten much closer to its original $2 billion asking price than people had previously realized.