Telegram's Revenue Surge: How a 100-Person Team Built a Billion-Dollar Empire

Telegram continues to defy conventional wisdom about tech company operations. Running on a lean workforce of fewer than 100 full-time employees while serving 1 billion users worldwide, the platform has engineered one of the most capital-efficient models in the industry. This operational efficiency becomes even more impressive when examining the company’s financial trajectory through 2025.

The Numbers Behind the Growth

The first half of 2025 revealed explosive momentum in Telegram’s monetization strategy. The platform generated $870 million in revenue—a remarkable 65%+ surge from the prior year. This expansion wasn’t a one-dimensional story; rather, it reflected a diversified revenue ecosystem.

Toncoin (TON), currently trading at $1.75, played an outsized role in this growth narrative. Exclusive blockchain-related agreements contributed approximately $300 million to the total, representing roughly one-third of all revenue streams. Meanwhile, in-app advertising revenue reached $125 million, capturing a meaningful share of the platform’s monetization mix. The subscription business demonstrated particular strength, with paid subscription fees climbing 88% year-over-year to $223 million—a testament to user willingness to pay for premium features.

The Profitability Paradox

On the surface, Telegram achieved an operating profit approaching $400 million—a figure that would satisfy most investors. However, a critical accounting reality emerged: the company reported a net loss of $222 million. The culprit? Toncoin’s depreciation created paper losses that overshadowed operational profitability. This dynamic underscores the inherent volatility when crypto assets comprise a substantial portion of a company’s revenue base.

Growth Targets and Market Headwinds

Management has publicly targeted $2 billion in annual revenue by 2025, suggesting confidence in the platform’s monetization runway. Yet execution risks loom. Legal complications in France have forced Telegram to postpone its long-anticipated initial public offering (IPO), introducing uncertainty around the timeline for going public and accessing public capital markets.

The company’s trajectory remains compelling despite these headwinds—but investors watching this space should monitor both the regulatory landscape and cryptocurrency market conditions closely.