Telegram’s revenue surged in the first half of 2025, but a $500 million Russian bond was frozen due to sanctions, coupled with a decline in Toncoin’s price, leading to net losses and delaying the IPO timeline.
(Background recap: Telegram founder announces the launch of “AI Computing Network Cocoon”: capable of mining TON with GPUs and 100% private computation)
(Additional background: Bloomberg: Telegram founder Pavel Durov regains freedom! France lifts travel ban, ending 15 months of mobility restrictions)

Table of Contents

• $500 Million Bond Stuck in Moscow
• Toncoin Volatility Wipes Out Profits
• Hundred-Person Team and Compliance Challenges
• IPO Timeline Delayed Again

The latest financial report from messaging platform Telegram reveals a contradiction: revenue jumps but net profit turns into loss. According to The Financial Times on the 6th, citing data from the first half of 2025, this company with fewer than 100 employees saw revenue increase by 65% to $870 million, with operating profit approaching $400 million, yet due to the decline in Toncoin (TON) price and geopolitical sanctions, it recorded a net loss of $222 million, further stalling the long-planned IPO.

$500 Million Bond Stuck in Moscow

Although Pavel Durov has long relocated the headquarters to Dubai, Telegram still has a Russian tail. According to reports, about $500 million of the company’s $1.7 billion debt is held in the Russian National Settlement Depository (NSD).

Sanctions imposed by the US and Europe on NSD prevent the transfer or repurchase of this asset, effectively locking in financing flexibility. Even with ample cash on hand, Telegram cannot utilize this bond to optimize its debt structure, effectively trapping itself with its own hedging strategy.

Toncoin Volatility Wipes Out Profits

Apart from advertising and Premium subscriptions, Telegram generated approximately $300 million in the first half of 2025 from commercial agreements related to Toncoin.

Toncoin’s price declined in the second half of 2025, currently at $1.9, requiring revaluation of holdings under international accounting standards, which expanded the book losses. The financial report shows stable operating profit, but exposure to crypto assets makes the final profit highly dependent on market conditions. Auditors remain cautious about this volatility, increasing the difficulty of pushing forward the IPO.

Hundred-Person Team and Compliance Challenges

Telegram has nearly 1 billion active users but fewer than 100 full-time employees. Such high efficiency is rare but poses key personnel risks for a company preparing to go public. Pavel Durov is still entangled in lawsuits in France regarding content censorship and the Digital Services Act (DSA); EU and US regulators demand stronger governance and transparency. The small team must handle 1 billion users, sanctions risks, and crypto asset accounting, leaving very little margin for error.

I like Bitcoin. I firmly believe it is digital gold. I hold a large amount of Bitcoin myself, and Trump also holds quite a bit.

Durov’s comments in 2024 sparked market speculation about relaxed regulation, but after the change in US administration, sanctions on Russia remain in place, forcing Telegram to face the reality of frozen assets.

IPO Timeline Delayed Again

The company initially projected full-year 2025 revenue of $2 billion and planned to list in New York. Now, it must first address whether it can maintain sufficient cash flow without using the restricted $500 million bond, then figure out how to reduce the direct impact of Toncoin’s price on profits, and whether it can rapidly expand governance and legal teams to meet listing requirements.

2026 will be a stress test for Telegram. If revenue continues to grow and TON’s price remains stable, the company might be able to rely on its own cash flow to get through the audit season.