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A sign with the 'like' symbol stands in front of the Facebook headquarters on Feb. 1, 2012 in Menlo Park

Social media giant Facebook filed much-anticipated paperwork Wednesday officially announcing its intention to go public.

The company plans to raise $5 billion through the initial public offering — more than double the $1.9 billion that Google's IPO raised, CNET reported.

In its filing, Facebook said it had 845 million active users, but faced "significant competition" from social media platforms like Google+ and Twitter.

Such competition is a risk factor, the company said, as are possible "concerns related to privacy and sharing, safety, security, or other factors."

A letter from founder and CEO Mark Zuckerberg appears in the middle of the filing. It begins: "Facebook was not originally created to be a company. It was built to accomplish a social mission — to make the world more open and connected."

Zuckerberg is the largest shareholder, at 28 percent, Reuters reported. Other major owners include co-founder Dustin Moskovitz, at 7.6 percent, and Peter Thiel, at 2.5 percent. The filing states that Zuckerberg's salary will fall to just $1 per year starting Jan. 1, 2013.

Other interesting facts from the filing, courtesy of Reuters:

• Zynga accounted for approximately 12 percent of Facebook's revenue in 2011

• Net income rose 65 percent to $1 billion in 2011, off revenue of $3.71 billion

• COO Sheryl Sandberg’s 2011 Facebook compensation: $30.9 million

• Facebook CFO David Ebersman’s 2011 total compensation was $18.65 million

• Advertising accounted for 85 percent of Facebook's revenue in 2011

• Mark Zuckerberg’s compensation in 2011 was $1.49 million

• Total capitalization as of Dec 31, 2011: $4,899 million

• Full-time employees increased from 2,127 as of Dec. 31, 2010 to 3,200 as of Dec. 31, 2011

You can read the whole filing here.