Could do better. Messaging company Telegram recorded significant growth in operational revenue during the first half of 2025, as the company continues its financial restructuring in preparation for a possible initial public offering (IPO). Despite sustained growth in its business, the company faces high volatility in its digital assets and persistent geopolitical challenges.
The key points of this article:Telegram recorded a significant increase in operational revenue to $870 million in the first half of 2025, despite a net loss of $220 million.
Telegram's IPO remains uncertain, hampered by legal hurdles and the volatility of digital assets, including Toncoin.
Growth driven by blockchain-related agreements
According to unaudited financial data reported by the Financial Times, revenue from Telegram have reached $870 million in the first half of 2025, against 525 millions a year earlier. About a third of this amount, i.e. 300 millions of dollars, comes from exclusivity agreements linked to the Toncoin (TON) ecosystem. However, this dependence to cryptoassets weighed on the global numbers. Telegram thus posted a net loss greater than $220 million over the period, contrasting with the profit of $334 million achieved in the first half of 2024. This loss is directly attributed to the depreciation assets in Toncoinwhose value fell by 69% over the year 2025 according to Coinmarketcap. To mitigate this risk and finance its operations, the company sold more than 450 millions of dollars worth of TON tokens since the start of the year, which represents approximately 10% of the token's market capitalization.
Debt Structure and IPO Obstacles
In terms of financing, Telegram and the left 1.7 billion dollars via convertible bonds in May 2025, with the participation of major investors such as BlackRock and the Mubadala investment firm from Abu Dhabi. At the same time, approximately $500 million of bonds issued in 2021 are currently frozen in the central securities depository of Russia due to Western sanctions. The management of Telegram however clarified that the company is not dependent on Russian capital, stressing that its latest bond issues excluded investors from this jurisdiction. Finally, the IPO plan remains uncertain. In addition to market conditions, the legal situation of Pavel Durovunder formal investigation in France, constitutes a major obstacle. Telegram told its creditors that a judicial resolution was necessary before being able to calmly consider a listing on the public markets. The year 2025 thus marks a transitional stage for society. If the monetization strategy via the Web3 ecosystem and advertising is bearing fruit in terms of gross revenues, the direct exposure to cryptoasset fluctuations and the legal uncertainties weighing on its direction limit for the moment its long-term financial visibility.