According to a recent report by the Financial Times, Telegram, a cryptocurrency-friendly messaging app, is poised for a significant revenue surge in 2025.
The company has significantly improved its financial performance ahead of a potential initial public offering (IPO) and a possible stock exchange launch associated with the IPO process.
According to unaudited financial data, Telegram’s revenue reached $870 million in the first half of 2025. This represents a remarkable 65% year-on-year increase compared to $525 million in the same period last year. Management has set a revenue target of $2 billion for the full year, one of the most ambitious projections in Telegram’s history.
Approximately $300 million of the revenue came from “exclusive partnership agreements.” This item is largely comprised of collaborations related to Toncoin ($TON), the digital asset within the Telegram ecosystem. Telegram positions payment, advertising, and infrastructure integrations developed on the $TON network as its key growth area.
The company also presented a positive picture in terms of operating profit. While operating profit approached $400 million in the first six months, a net loss of over $220 million was recorded. Telegram management stated that the main reason for the loss was the impairment of $TON assets and related accounting projections. The report argues that a decline of approximately 69% in the price of $TON by 2025 is putting pressure on the balance sheet.
Telegram also informed investors that it has sold over $450 million worth of $TON this year. This amount represents approximately 10% of $TON’s current market value. The company indicated that sales may continue for liquidity management reasons.
The financial report also highlighted Telegram’s Russia-related financial risks. It stated that approximately $500 million worth of Telegram bonds were frozen at the Central Securities Depository in Russia due to Western sanctions. Telegram has borrowed on multiple occasions in recent years, including a $1.7 billion convertible bond issuance in May 2025. Prominent backers of the company include BlackRock and the Abu Dhabi-based sovereign wealth fund Mubadala.
The report noted that Telegram CEO Pavel Durov is under investigation in France. Experts believe these legal uncertainties remain one of the biggest obstacles to Telegram’s IPO plans.
*This is not investment advice.
