Telegram Secures $1.5 Billion Bond Offering Backed by BlackRock, Citadel, and Mubadala
Messaging platform Telegram is raising at least $1.5 billion through a new five-year bond issuance, according to sources cited by the Wall Street Journal.
The bonds carry a 9% yield and have attracted interest from prominent investors, including returning backers like BlackRock, the world’s largest asset manager, and Abu Dhabi’s sovereign wealth fund Mubadala, as well as new participants such as hedge fund Citadel.
The funds raised will be used primarily to repurchase debt from Telegram’s previous bond offering in 2021, which is set to mature in March next year. Importantly, these new bonds come with a convertible feature, allowing holders to convert debt into equity at a discount if Telegram proceeds with an initial public offering (IPO).
Telegram originally developed the TON blockchain (The Open Network) before spinning it off as an independent project. In April, tokenization firm Libre announced plans to tokenize $500 million worth of Telegram debt on the TON blockchain via the Telegram Bond Fund (TBF).
The platform claims a robust user base of over 1 billion monthly active users and has 15 million paid subscribers, doubling its subscriber count within a year, according to CEO Pavel Durov.
Financially, Telegram appears to be on a strong growth trajectory. After reporting a $173 million loss in 2023, the company turned profitable in 2024, posting $540 million in profit on $1.4 billion in revenue. It anticipates exceeding $700 million in profit in 2025.
Telegram’s revenue growth has been fueled by expanding its advertising business, launching in-app digital gift features, and creating a developer ecosystem for apps and bots.
Neither Telegram nor Citadel immediately responded to requests for comment.
