Telegram boosts revenue to $870M but IPO faces delays
Telegram increased its revenue to $870 million in the first half of 2025 as it prepares for a potential initial public offering. However, an IPO is unlikely to take place before the full resolution of the legal case involving founder Pavel Durov in France.
Highlights
- Telegram expects revenue of $2 billion for 2025.
- $500 million in bonds have been frozen in Russia due to sanctions.
- The company plans to pursue an IPO after the resolution of Pavel Durov’s case in France.
According to the Financial Times, citing unaudited financial statements, Telegram’s revenue reached $870 million in the first half of 2025, up 65% from $525 million a year earlier. The company’s full-year revenue target is set at $2 billion.
Around $300 million of the revenue came from “exclusive agreements” with investors related to the sale of the Toncoin cryptocurrency. In total, Telegram reportedly sold TON worth $450 million, which contributed to losses following a 69% decline in TON’s value last year.
Telegram recorded a net loss of more than $220 million in the first half of 2025, compared with a net profit of $334 million in the first half of 2024.
Sanctions have no impact
The report also notes that $500 million worth of Telegram bonds were frozen at Russia’s central securities depository due to Western sanctions.
Commenting on this issue to Cointelegraph, a Telegram spokesperson clarified that the $500 million figure refers to a bond issuance from 2021. Since then, the company has launched several bond offerings, including a $1.7 billion convertible bond issuance in May 2025 involving investment giant BlackRock and Abu Dhabi-based Mubadala. The latest bond offering excluded Russian investors.
“Telegram does not depend on Russia or Russian capital and is not facing bond-related issues due to sanctions,” the spokesperson said.
According to FT sources, Telegram has repurchased most of its bonds maturing in 2026 and plans to pursue an IPO. However, during a recent call with some bondholders, the company stated that it continues to cooperate with authorities regarding the Durov case and requires further resolution before proceeding with a public stock market listing.
As we wrote, Toncoin gains 3.92% as strong buyer momentum meets pullback risk
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