FORTUNE — Lots of talk this week about how Facebook FB is interested in acquiring Norwegian browser developer Opera, with some writing about how it would be the social network’s “second $1 billion acquisition.” Actually, it would be the first.

Facebook’s planned purchase of Instagram is now valued at $948 million, based on Facebook’s closing price on Wednesday of $28.19 per share. The deal included a $300 million cash payment, plus approximately $300 million in stock. It was announced in April as a $1 billion deal, which would have valued Facebook shares at $30.43.

At the $38 per share IPO price, the Instagram deal was valued at more than $1.17 billion.

Of course, there remains no guarantee that the Facebook-Instagram marriage will even be consummated, as federal regulators continue to explore possible anti-trust ramifications. In fact, Facebook changed the expected closing date from “in the second quarter of 2012” to the vaguer “2012.”

If the deal gets scrapped, Facebook would owe the mobile photo-sharing app a $200 million fee.

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