According to a Financial Times report on January 6, Telegram, the cryptocurrency-friendly messaging app, has shown a significant acceleration in its commercialization process in its latest financial results as it prepares for a potential initial public offering (IPO). Unaudited data shows that Telegram's revenue reached $870 million in the first half of 2025, a year-on-year increase of 65%, a significant improvement from $525 million in the same period last year. The company's full-year revenue target is even higher, reaching $2 billion.
TON ecosystem becomes the main growth engine
The report points out that Toncoin (TON), a cryptocurrency closely tied to the Telegram ecosystem, played a key role in this wave of revenue growth. Approximately $300 million in revenue in the first half of the year came from "exclusive partnership agreements," primarily involving TON's advertising revenue sharing, wallet integration, 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 the use of TON as a payment and advertising settlement tool, driving related ecosystem revenues and making it an important source of growth momentum for the company.
Despite strong operating profits, the company still suffered a net loss.
Despite strong revenue performance, with operating profit approaching $400 million in the first half of 2025, Telegram still recorded a net loss of over $220 million. The main reason was a significant impairment of its Toncoin assets.
Data shows that TON's price fell by approximately 69% in 2025, and its current market capitalization is about $4.6 billion, with the price hovering around $1.9. To mitigate risk, Telegram sold over $450 million worth of TON this year, representing about 10% of TON's current market value.
Multiple risks and challenges remain before the IPO.
Despite clear financial growth momentum, several uncertainties remain regarding Telegram's IPO process. First is geopolitical risk. Approximately $500 million of Telegram bonds are frozen with the Russian State Depository and Clearing House (NSD) due to Western sanctions against Russia, contrasting with Telegram founder Pavel Durov's recent efforts to distance himself from Russia.
Furthermore, Telegram's heavy reliance on the crypto market also poses a potential risk. If the cryptocurrency bear market continues, TON's asset value and related revenue may face further pressure, impacting its overall financial stability.
Finally, regulatory and legal uncertainties remain a key focus for the market. Telegram CEO Pavel Durov is currently under investigation in France for issues related to content moderation and the spread of illegal content. This investigation, which has been ongoing for some time, is considered by many to be one of the major obstacles affecting Telegram's IPO timeline.
Growth and risk go hand in hand
Overall, Telegram has demonstrated significant success in user growth and monetization, with the TON ecosystem becoming a major driver of its revenue growth. However, with external risks such as geopolitical tensions, cryptocurrency market volatility, and regulatory scrutiny yet to be resolved, its IPO prospects and long-term stability remain to be seen and will require continued market observation.
