Telegram revenue jumps 65% to $870M in H1 2025; $2B target
Update (Jan. 6, 1:20 pm UTC): This story now includes a statement from Telegram.
Telegram’s operating revenue rose sharply in the first half of 2025 as the company weighs a potential initial public offering. The messenger’s revenues reached $870 million in H1 2025, a 65% increase from $525 million in the same period a year earlier, the Financial Times reported, citing unaudited financial statements.
Roughly one-third of the total, or about $300 million, was attributed to “exclusivity agreements” linked to earnings related to Toncoin (TON), according to the report. The FT also reported that $500 million of Telegram’s bonds have been frozen in Russia’s central securities depository due to Western sanctions, citing anonymous sources.
Telegram said to sell $450 million in TON
Telegram posted a net loss of more than $220 million in H1 2025, compared with a $334 net profit in the first half of the prior year. The company is targeting $2 billion in revenue in 2025.
The loss was attributed to writing down the value of its Toncoin holdings after TON fell 69% in 2025, according to CoinGecko.
“The company told investors it had sold more than $450 million in Toncoin in the year to date,” the FT reported. As of publication, that amount represents about 10% of TON’s market capitalization of $4.6 billion, based on CoinGecko data.
Telegram rejects Russia exposure
Addressing the reported bond freeze, a Telegram spokesperson said the $500 million figure relates to a bond issue from 2021 and noted that the company’s latest bond offering in 2025 excluded Russian investors.
The spokesperson said Telegram is not dependent on Russia or Russian capital and does not face bond issues stemming from sanctions. Under standard procedures, funds for bond repayment are sent to an international intermediary, and subsequent distributions to bondholders occur outside the company’s control, even if some holders are unable to receive payment, the representative added.
Telegram has conducted several bond offerings in recent years, including a $1.7 billion convertible bond issued in May 2025. The sale reportedly included existing backers such as BlackRock and Abu Dhabi’s investment firm Mubadala. According to FT sources, Telegram repurchased most of the bonds maturing in 2026.
The report comes as CEO Pavel Durov remains under formal investigation in France over alleged failures to curb criminal activity on the platform, including child abuse content. In a recent call with some bondholders, Telegram reportedly said it continues to cooperate with authorities regarding Durov’s case and seeks further resolution before proceeding with a public market listing.
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