FT: Telegram's revenue in the first half of 2025 reached $870 million, with an annual target of $2 billion

On January 6, according to the Financial Times, the crypto-friendly messaging app Telegram is preparing for a potential IPO, with revenues expected to significantly increase in 2025. Unaudited financial data shows that Telegram’s revenue in the first half of 2025 reached $870 million, a 65% increase year-over-year, compared to $525 million in the same period last year. About $300 million of this came from “exclusive partnership agreements,” mainly related to Telegram’s crypto asset Toncoin (TON) within the ecosystem. Telegram’s full-year revenue target for 2025 is $2 billion. Despite nearly $400 million in operating profit in the first half, Telegram recorded a net loss of over $220 million, primarily due to impairments of its Toncoin holdings. Data indicates that the price of TON declined by approximately 69% in 2025. Telegram disclosed to investors that it had sold over $450 million worth of TON this year, accounting for about 10% of TON’s current market value. Additionally, it was reported that about $500 million in Telegram bonds were frozen in the Central Securities Depository in Russia due to Western sanctions, highlighting the company’s exposure to related risks in Russia. In recent years, Telegram has issued multiple bonds, including a $1.7 billion convertible bond issued in May 2025, with BlackRock and Abu Dhabi’s sovereign fund Mubadala as existing supporters. The report states that Telegram CEO Pavel Durov is currently under investigation in France, and the legal uncertainties are considered a key obstacle in the company’s IPO process.