Pavel Durov's plans to bring Telegram to the stock exchange through an initial public offering (IPO) in 2026 are under serious threat. This is due to a number of financial problems of the company, in particular, losses, debt obligations and legal difficulties. According to the Financial Times, citing the company's financial statements, last year Telegram suffered a loss of about $173 million, with revenues of $342 million.
Financial commitments and plans for an IPO
Telegram currently has $2.4 billion in debt that must be repaid by 2026. Durov planned to use the IPO as a way to repay this debt and attract additional funds for the development of the company. However, these plans are now in big question. Bondholders were promised the opportunity to convert senior unsecured debt at a discount, but the success of this process depends on whether Telegram can convince investors of its reliability.
One of the bondholders expressed doubts about this, telling the Financial Times: “Will investors buy the IPO if they are not convinced that Telegram is not a rogue. I'm not sure."
Legal issues and reputational risks
Problems with the law in France can also significantly harm both the messenger and its owner Pavlo Durov. Recent events related to Durov's release from custody during a court hearing on August 28 have added to the uncertainty about the company's future. Legal difficulties can affect the confidence of investors and advertisers, making it difficult to raise funds during an IPO.
In addition, Telegram's connection to sex crimes, which has been mentioned in the media, may also scare off potential advertisers and investors who fear for their reputation.
The role of the Toncoin cryptocurrency in Telegram's finances
Telegram's financial operations are closely related to the cryptocurrency Toncoin, which was developed by the messenger team. In 2023, the company's losses were partially offset by the increase in the value of virtual assets, which totaled $400 million. Already in 2024, Telegram sold Toncoin for more than $244 million, which became an important source of funding.
However, dependence on cryptocurrency can be an additional risk factor, given the volatility of the cryptoasset market and variable regulatory policies in different countries.
The uncertain future of Telegram
Plans for Telegram's 2026 IPO now look less certain, given all the financial, legal and reputational challenges the company is facing. Investors, potential advertisers and users are closely watching the development of a situation that could radically change the future of one of the most popular platforms in the world.