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FT: Telegram's H1 2025 Revenue Reaches $8.7 Billion, Full-Year Target $20 Billion
BlockBeats News, January 6th, according to the Financial Times, the crypto-friendly messaging app Telegram is preparing for a potential IPO, with a significant revenue increase expected by 2025. Unaudited financial data shows that Telegram's revenue in the first half of 2025 reached $8.7 billion, a 65% year-on-year increase from $5.25 billion in the same period last year.
Approximately $3 billion of this revenue came from "exclusive partnership agreements," mainly related to Telegram's ecosystem cryptocurrency Toncoin (TON). Telegram's full-year revenue target for 2025 is $20 billion.
Despite an operating profit of nearly $4 billion in the first half of the year, Telegram still reported a net loss of over $2.2 billion, mainly due to the impairment of its Toncoin assets. Data shows that TON's price dropped by about 69% in 2025. Telegram disclosed to investors that it has sold over $450 million of TON during the year, representing approximately 10% of TON's current market value.
In addition, reports indicate that around $500 million of Telegram bonds are frozen in the Russian Central Securities Depository due to Western sanctions, highlighting the company's exposure to Russia-related risks. Telegram has issued bonds multiple times in recent years, including a $1.7 billion convertible bond issued in May 2025, with BlackRock and the Abu Dhabi sovereign wealth fund Mubadala as existing backers. The report mentions that Telegram CEO Pavel Durov is currently under investigation in France, and the related legal uncertainties are considered a key obstacle in its IPO process.
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