SAN FRANCISCO & LONDON, May 23, 2025 — Telegram, the Dubai-based messaging giant, reported a remarkable $540 million profit in 2024, a dramatic turnaround from a $173 million loss the previous year. Despite its founder, Pavel Durov, facing legal challenges in France, the company’s revenues surged to $1.4 billion, up from $343 million in 2023, driven by a boom in premium subscriptions, advertising, and cryptocurrency-related partnerships. This financial milestone comes as Telegram navigates a high-stakes bond offering and eyes a potential initial public offering (IPO), even as Durov’s legal battles raise questions about the company’s future.
Financial Surge Fuels Ambitious Plans
Telegram’s 2024 financial performance, shared with investors ahead of a $1.5 billion bond offering launched on May 20, 2025, underscores its rapid growth. The company’s revenue streams are diverse: approximately $700 million from partnerships and its ecosystem, $292 million from premium subscriptions, and $250 million from advertising. The partnerships largely stem from Telegram’s integration with the TON blockchain, which supports its Toncoin cryptocurrency used for in-app payments and advertising.
The company repurchased $375 million of its outstanding bonds between September and December 2024, signaling confidence in its cash flow, with $530 million in cash reserves as of February 2025, excluding cryptocurrency assets.
Looking ahead, Telegram projects $2 billion in revenue and $720 million in profit for 2025, a 46% revenue increase. The new bond offering, with a 9% yield, includes an attractive option for investors to buy shares at a 20% discount in a potential IPO. However, Telegram acknowledged that the ongoing French investigation into Durov could delay these plans, though resolution may come as early as this year.
Legal Clouds Loom Over Founder
Pavel Durov, Telegram’s enigmatic founder, faces a formal investigation in France over allegations that the platform failed to curb criminal activities, including child sexual abuse and terrorism. Detained in Paris in August 2024, Durov, a Russian-born entrepreneur with French and UAE citizenship, has claimed the charges are a pretext for geopolitical maneuvering.
In a recent statement, he accused French intelligence of pressuring him to censor conservative voices in Romania ahead of its elections, a claim French authorities have denied. The legal uncertainty has sparked concerns about Telegram’s long-term stability, yet its financial performance remains robust.
Did You Know?
Telegram’s Ton blockchain, initially developed by the company, is now maintained by an open-source community, making it one of the few major messaging apps with a decentralized cryptocurrency ecosystem.
Growth Driven by User Base and Innovation
With over 1 billion monthly active users globally, Telegram has cemented its position as a leading messaging platform. Operated by a lean team of about 60 employees, the company outsources most content moderation to contractors. Its growth is fueled by innovative features, including “mini apps” for commerce and gaming built on the TON blockchain, which has deepened user engagement.
Additionally, Telegram has positioned itself as a hub for conversational AI, highlighted by a partnership with xAI to integrate the Grok chatbot. This collaboration, which includes revenue-sharing plans, marks Grok’s first major expansion beyond X, aligning Telegram with tech mogul Elon Musk’s vision of free speech and innovation.
Strategic Moves and Market Positioning
Telegram’s financial success is partly attributed to its cryptocurrency ventures. The company has profited from third-party deals involving Toncoin and sales of its own cryptocurrency holdings. Real-time data indicates Toncoin’s market capitalization stands at approximately $7.2 billion as of May 2025, reflecting strong investor confidence in Telegram’s ecosystem. The company’s bond issuances, totaling $2.4 billion over the past four years, have bolstered its financial flexibility, enabling debt repurchasing and strategic investments.
The potential IPO remains a focal point, with Telegram’s chief investment officer, John Hyman, noting that the company has met all financial milestones. However, market conditions and the resolution of Durov’s legal case will be critical. Telegram’s ability to thrive amid adversity highlights its resilience and appeal to users seeking privacy-focused, versatile platforms.
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