Facebook Valuation Back At A Cool $70 Billion On SecondMarket

And we’re back again with our now weekly update on the insanity surrounding Facebook’s stock in the SecondMarket auctions. Last week, the stock saw the beginning of a rally back to $27 a share, good for a $67.5 billion valuation (based on roughly 2.5 billion shares outstanding). This week, the good times continued to roll. Facebook’s stock hit $28 a share, to push the valuation of the company back to a cool $70 billion or so.

This is still slightly off the record high of $28.26 a share (a $70.65 billion valuation) set in mid January, but it’s clear that Facebook’s stock is storming ahead once again, and quickly. This was the 11th auction SecondMarket has done on the stock.

Do I hear $75 billion next week?

Below, find the full email sent out of the folks buying this stuff up:

To Facebook market participants:

This week’s SecondMarket auction successfully cleared 225,000 shares at a per share price of $28.00. Read more details in the attached auction results report.

Next week’s auction will require a minimum sale and minimum purchase of 10,000 shares. If you are bidding for fewer than 100,000 shares, you are required to open a brokerage account with SecondMarket. Please email XXXX@SecondMarket.com to receive a Brokerage Account Opening Form and return the completed form by Monday, February 28, 2011 at 5:00 PM EST.

Please email your completed Seller or Buyer Information Forms to XXXX@SecondMarket.com by Wednesday, March 2 at noon EST. To verify receipt of your order, you must receive a confirmation email from XXXX@SecondMarket.com. If you do not receive a confirmation email, your order has not been received by SecondMarket and may be excluded from the auction. Responses are typically sent within one hour.

Next Week’s Auction Timeline:

• Friday, February 25 at 7:00 PM EST – SecondMarket will begin accepting Seller Information Forms, Buyer Information Forms and Brokerage Account Opening Forms

• Monday, February 28 at 5:00 PM EST – Brokerage Account Opening Form due, if bidding for fewer than 100,000 shares

• Wednesday, March 2 at 12:00 PM EST – Seller and Buyer Information Forms due

• Wednesday, March 2 at 5:00 PM EST – Participants informed of auction results

• Wednesday, March 2 at 8:00 PM EST – Transaction documentation distributed to buyers and sellers

• Thursday, March 3 at 5:00 PM EST – Wire of 100% of gross purchase price to escrow account due, if allocated fewer than 100,000 shares

• Friday, March 4 at 4:00 PM EST – Completed transaction documentation due from buyers and sellers

• Friday, March 4 at 7:00 PM EST – Notice sent to Facebook, Inc.

By reading this email, the recipient acknowledges and agrees that all of the information contained herein is confidential and that the recipient will keep this information confidential. The recipient further agrees that it will not copy, reproduce, or distribute this email in whole or in part.

Please contact us at XXXX@SecondMarket.com or XXX.XXX.XXXX if you have any questions.

Please note that the information in this email does not constitute an offer to sell to, nor a solicitation of an offer to buy from, nor shall any securities be offered or sold to, any person in any jurisdiction in which such an offer, solicitation or sale would be unlawful.