Telegram’s strong revenue surge pushes past the $2 billion mark, but a 69% plunge in TON turns profit into loss, while facing dual crises of bond freezes and CEO investigations — this crypto-friendly messaging giant’s IPO journey is full of surprises and uncertainties.
(Background: Telegram founder announces the launch of “AI Computing Network Cocoon”: capable of mining TON with GPUs and 100% private computation)
(Additional context: Telegram’s $500 million Russian bonds are frozen, and Western sanctions have hindered its IPO)

Table of Contents

• TON Ecosystem Becomes Main Growth Engine
• Impressive Operating Profit, Still in Net Loss
• Multiple Risks Ahead of IPO
• Growth and Risks Coexist

According to a January 6 report by the Financial Times, the crypto-friendly messaging app Telegram is accelerating its commercialization process as it prepares for a potential IPO. Unaudited data shows that in the first half of 2025, Telegram’s revenue reached $870 million, a 65% increase year-over-year, significantly up from $525 million in the same period last year, with the full-year revenue target now exceeding $2 billion.

TON Ecosystem Becomes Main Growth Engine

The report highlights that, amid this revenue growth, the highly integrated crypto asset Toncoin (TON) has played a key role. In the first half of the year, approximately $300 million in revenue came from “exclusive partnership agreements,” mainly involving advertising revenue sharing, wallet integrations, and related payment applications, accounting for nearly one-third of total revenue.

In recent years, Telegram has continued to deepen the application of the TON blockchain within its platform, including prioritizing TON as a payment and advertising settlement tool, which has driven ecosystem-related income and made it a significant source of the company’s growth.

Impressive Operating Profit, Still in Net Loss

Despite strong revenue performance, Telegram’s operating profit in the first half of 2025 approached $400 million, but the company still recorded a net loss of over $220 million. The main reason is a significant impairment of its Toncoin holdings.

Data shows that TON’s price fell approximately 69% in 2025, with a current market cap of about $4.6 billion, and the coin price hovering around $1.9. To reduce risk, Telegram has sold over $450 million worth of TON this year, about 10% of its current market value.

TON Price Trend in the Past Year. Source: CoinGecko

Multiple Risks Remain Before IPO

Although the financial growth momentum is clear, several uncertainties still threaten Telegram’s IPO process. First is geopolitical risk. About $500 million in Telegram bonds have been frozen by Russia’s National Settlement Depository (NSD) due to Western sanctions against Russia, contrasting with founder Pavel Durov’s recent efforts to distance himself from Russia.

Additionally, Telegram’s heavy reliance on the crypto market poses potential risks. If the crypto bear market persists, TON asset values and related revenues could further decline, impacting overall financial stability.

Finally, regulatory and legal uncertainties remain a concern. CEO Pavel Durov is currently under investigation in France for issues related to platform content moderation and illegal content dissemination. The investigation has been ongoing for some time and is viewed as a major obstacle to Telegram’s listing timeline.

Growth and Risks Coexist

Overall, Telegram has demonstrated significant achievements in user growth and monetization, with the TON ecosystem becoming a key driver of revenue growth. However, external risks such as geopolitical tensions, crypto market volatility, and regulatory scrutiny have yet to be resolved, and the outlook for its IPO and long-term stability remains under market observation.