Telegram’s IPO Ambitions: Can $2B in Revenue Offset Legal & Crypto Risks?
As we enter 2026, Telegram is targeting a full-year revenue goal of $2 billion. While the user base has crossed the 1 billion mark, the path to a public listing is becoming increasingly narrow due to external pressures.
The Challenges Ahead:
Legal Headwinds: Ongoing litigation in France involving founder Pavel Durov has reportedly delayed the IPO timeline, originally slated for late 2025.
Bond Maturity: Telegram faces a critical deadline in March 2026 for its 7% convertible bonds. The company has been active in buying back debt, but $500 million in bonds remains frozen in Russia due to Western sanctions.
Institutional Support: High-profile backers like BlackRock and Mubadala participated in a $1.7 billion convertible bond sale in May 2025, signaling that institutional appetite remains strong if the regulatory clouds clear.
The core question for 2026: Can Telegram transition from a "crypto-supported" entity to a traditionally profitable tech giant before its major debt matures?
