Telegram Raises $1.7B, Eyes IPO Amid Challenges

Telegram begins 2026 with mixed financial results. The messaging service records 870 million dollars in revenue in the first half of 2025 and targets 2 billion for the year. However, these ambitions come with net losses and an unstable crypto environment. Between economic growth, the fall of Toncoin, and regulatory pressures, the platform is at a strategic crossroads, while an initial public offering is still under consideration.

Telegram, strong revenue growth despite a first half deficit

Telegram experienced remarkable revenue growth in the first half of 2025, reaching 870 million dollars, compared to 525 million a year earlier, an increase of 65 %, despite the arrest of Pavel Durov in France.

One third of this revenue comes from exclusivity agreements linked to the Toncoin ecosystem, representing about 300 million dollars. This economic performance fits within an overall objective: Telegram aims for 2 billion dollars in revenue for the entire 2025 fiscal year. A strategy that is also part of preparations for a possible IPO, although the company remains discreet about the timing of the operation.

This momentum is also supported by an active debt financing policy, notably through a major bond issuance in May 2025. Here are the key elements :

• 1.7 billion dollars raised through a convertible bond issuance, with participation from institutional investors such as BlackRock and Mubadala ;

• 500 million dollars worth of bonds frozen in Russia, from a 2021 issuance ;

• Telegram specified that its 2025 fundraising “excluded the participation of Russian investors”, and assured that Western sanctions “do not create risks for Telegram” ;

• The company states that bond payments are made through international intermediaries, thus freeing itself from any responsibility if some holders, notably Russian, cannot be repaid.

Alongside this financial expansion, Telegram continues to assert its independence from Russia, both in its funding and its governance, a point that has become particularly sensitive ahead of any market operation.

Geopolitical challenges and financial ambitions

Behind this rise in power, net results reveal another picture. Telegram recorded a net loss of more than 220 million dollars in the first half of 2025, compared to 334 million in profit over the same period in 2024.

This decline is due to the sharp depreciation of Toncoin, which saw its value drop by 69 % during 2025. In response, the company reportedly sold over 450 million dollars worth of TON since the beginning of the year. This amount represents about 10 % of the token’s current market capitalization, estimated at 4.6 billion dollars.

Thus, this difficult situation on the crypto front is not the only cloud on the horizon. Telegram remains under the scrutiny of French authorities. Pavel Durov, the platform’s founder, is still subject to a formal investigation for accusations related to the management of criminal content, including cases of abuse of minors.

However, the management assures active cooperation with the authorities, specifying during a call with creditors that it expects clarification on this case before considering an IPO. In a symbolic but significant gesture, Telegram also initiated a strategic repositioning at the beginning of 2026 with the purchase of 116 million dollars in Bitcoin, even as its latent losses for the fourth quarter of 2025 would amount to 17 billion dollars.

TON rebounds thanks to the Telegram ecosystem, which continues its integration of crypto services despite an uncertain environment. Between economic ambitions and regulatory challenges, the platform is refining its strategy. It remains to be seen if this momentum will be enough to convince investors and stabilize a model still exposed to market uncertainties.