Telegram’s $1.7B Power Move: IPO Dreams Fueled by Massive Funding Round

Messaging giant Telegram just pulled off a staggering $1.7 billion funding round, setting the stage for a long-anticipated public debut. The capital injection signals a major strategic pivot as the platform eyes a future beyond private ownership.

From Private Chat to Public Market

The funding round represents one of the largest private capital raises in recent tech history. It fuels speculation that Telegram is finally preparing to navigate the complex—and often cynical—world of public markets. Analysts note the move could unlock massive valuation potential, but also exposes the company to intense quarterly scrutiny from investors who've never sent a disappearing message.

Navigating the Regulatory Maze

An IPO isn't just a victory lap; it's a compliance marathon. Going public means opening the books and adopting a transparency that contrasts sharply with Telegram's historically opaque and decentralized ethos. The platform must now convince traditional financiers of its monetization strategy—a tough sell in a sector where 'user privacy' and 'shareholder returns' often sit at opposite ends of the table.

The $1.7 billion question: Can a platform built on encryption and user autonomy thrive under the glaring lights of Wall Street? The funding says 'go,' but the public market playbook reads like a foreign language. One thing's certain—the road from private messaging to public ticker symbol is paved with more than good intentions.

In brief

• Telegram records 870 million dollars in revenue in the first half of 2025, up 65% year on year.
• The platform targets an ambitious goal of 2 billion dollars in full-year revenue.
• Despite the revenue increase, the company records 220 million dollars in net losses in H1 2025.
• At the start of 2026, Telegram buys 116 million dollars in Bitcoin, while its latent losses reach 17 billion dollars in Q4.

Telegram, strong revenue growth despite a first half deficit

Telegram experienced remarkable revenue growth in the first half of 2025, reaching 870 million dollars, compared to 525 million a year earlier, an increase of 65 %, despite the arrest of Pavel Durov in France.

One third of this revenue comes from exclusivity agreements linked to the Toncoin ecosystem, representing about 300 million dollars. This economic performance fits within an overall objective: Telegram aims for 2 billion dollars in revenue for the entire 2025 fiscal year. A strategy that is also part of preparations for a possible IPO, although the company remains discreet about the timing of the operation.

This momentum is also supported by an active debt financing policy, notably through a major bond issuance in May 2025. Here are the key elements :

• 1.7 billion dollars raised through a convertible bond issuance, with participation from institutional investors such as BlackRock and Mubadala ;

• 500 million dollars worth of bonds frozen in Russia, from a 2021 issuance ;

• Telegram specified that its 2025 fundraising “excluded the participation of Russian investors”, and assured that Western sanctions “do not create risks for Telegram” ;

• The company states that bond payments are made through international intermediaries, thus freeing itself from any responsibility if some holders, notably Russian, cannot be repaid.

Alongside this financial expansion, Telegram continues to assert its independence from Russia, both in its funding and its governance, a point that has become particularly sensitive ahead of any market operation.

Geopolitical challenges and financial ambitions

Behind this rise in power, net results reveal another picture. Telegram recorded a net loss of more than 220 million dollars in the first half of 2025, compared to 334 million in profit over the same period in 2024.

This decline is due to the sharp depreciation of Toncoin, which saw its value drop by 69 % during 2025. In response, the company reportedly sold over 450 million dollars worth of TON since the beginning of the year. This amount represents about 10 % of the token’s current market capitalization, estimated at 4.6 billion dollars.

Thus, this difficult situation on the crypto front is not the only cloud on the horizon. Telegram remains under the scrutiny of French authorities. Pavel Durov, the platform’s founder, is still subject to a formal investigation for accusations related to the management of criminal content, including cases of abuse of minors.

However, the management assures active cooperation with the authorities, specifying during a call with creditors that it expects clarification on this case before considering an IPO. In a symbolic but significant gesture, Telegram also initiated a strategic repositioning at the beginning of 2026 with the purchase of 116 million dollars in Bitcoin, even as its latent losses for the fourth quarter of 2025 WOULD amount to 17 billion dollars.

TON rebounds thanks to the Telegram ecosystem, which continues its integration of crypto services despite an uncertain environment. Between economic ambitions and regulatory challenges, the platform is refining its strategy. It remains to be seen if this momentum will be enough to convince investors and stabilize a model still exposed to market uncertainties.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.