Telegram’s profitable surge defies legal storm Messaging giant eyes crypto expansion

Telegram, the once unprofitable messaging app synonymous with encryption and free speech, has delivered a financial shockwave — reporting a $540 million profit in 2024. This milestone marks its first annual surplus and comes amid intense legal scrutiny and geopolitical controversy surrounding its founder, Pavel Durov.

According to internal investor documents seen by the Financial Times, Telegram’s revenue soared to $1.4 billion in 2024, a fourfold increase from $343 million the previous year. The platform credits its financial turnaround to a surge in premium subscriptions, advertising income, and — most notably — strategic partnerships tied to its cryptocurrency ecosystem.

According to the article by the FT, roughly half of Telegram’s revenue was derived from what it labels “partnerships and ecosystem,” particularly through integrations with the Ton blockchain and its native cryptocurrency, Toncoin. Telegram’s open mini app platform — used for commerce and gaming — has emerged as a critical growth engine. Many of these apps rely on Toncoin for transactions, driving demand and value across the platform.

Telegram is now pursuing a $1.5 billion bond sale to repurchase existing debt, offering investors the option to buy into a future IPO at a 20% discount. Its Chief Investment Officer John Hyman told potential investors that the company has met all its financial milestones and that an IPO could become viable if market conditions improve. Still, the firm acknowledged the ongoing French investigation into Durov could present a barrier to going public.

In August 2024, Durov was detained in Paris over allegations that Telegram failed to act decisively against criminal content on its platform, including child abuse and terrorist activity. Durov, who holds French and UAE citizenship, has publicly claimed the detainment was politically motivated, accusing French intelligence of pressuring him to censor conservative voices ahead of Romanian elections — a claim dismissed by French authorities.

Despite the legal headwinds, Telegram's user base has crossed 1 billion monthly active users, a massive footprint managed by a lean team of around 60 core employees, with most moderation outsourced. The platform's minimal staffing belies its ambitions: it now sees itself as a rising force in artificial intelligence.

In a strategic expansion, Telegram announced a partnership with Elon Musk’s xAI to integrate the Grok chatbot into the app — marking Grok’s first move beyond Musk’s own X platform. The companies plan to promote Grok within Telegram and share the resulting revenue, though specifics remain undisclosed.

As Telegram eyes $2 billion in revenue and $720 million in profit for 2025, its trajectory signals a rare mix of growth, controversy, and innovation. Still privately owned by Durov, the company has issued $2.4 billion in bonds over the past four years and held $530 million in cash as of February 2025, excluding its crypto reserves.

For now, Telegram is straddling a delicate line: fighting legal battles in Europe while promising Silicon Valley-style scalability and profitability. 

By Sabina Mammadli