Telegram to Raise $1.5 Billion in Bonds, Supported by BlackRock and Citadel, Says WSJ

Telegram Launches $1.5 Billion Convertible Bond Offering Backed by BlackRock, Citadel, and Mubadala

Telegram is set to raise at least $1.5 billion through a new five-year bond sale offering a 9% yield, sources told the Wall Street Journal. The funding round includes support from major investors like BlackRock, Abu Dhabi’s Mubadala, and hedge fund Citadel.

The proceeds will be used to repurchase outstanding debt from Telegram’s 2021 bond issuance, which is scheduled to mature next March. These new bonds also feature a conversion option, allowing holders to convert their debt into equity at a discounted price if Telegram completes an IPO.

Telegram originally developed the TON blockchain (The Open Network) before spinning it off as a separate entity. In a recent development, tokenization firm Libre announced plans to tokenize $500 million of Telegram’s debt on the TON network via the Telegram Bond Fund (TBF).

Telegram’s platform has grown to more than 1 billion monthly active users and 15 million paid subscribers, doubling its subscriber base within a year, according to CEO Pavel Durov.

Financially, the company reversed its fortunes in 2024, reporting a $540 million profit on $1.4 billion revenue, after a $173 million loss in 2023. It forecasts profits exceeding $700 million in 2025.

Telegram’s revenue growth has been driven by the expansion of its advertising business, the launch of in-app digital gifting, and a developer ecosystem supporting apps and bots.

Telegram and Citadel did not respond immediately to requests for comment.