Telegram's 2025 Year-End Performance Report is quite interesting—revenue in the first half of the year surged to $870 million, a 65% year-over-year increase, with the full-year target directly aiming for the $2 billion mark. From a financial perspective, this communications giant's commercialization process is indeed accelerating.

But there's a core driving force worth noting: the TON ecosystem. According to the financial report data, approximately $300 million of the revenue in the first half came from collaborations related to TON—including advertising revenue sharing, wallet integrations, payment applications, and more. In other words, Toncoin has become an important engine for Telegram's revenue growth.

The problem is, the performance of TON coin over the past few months has been a bit painful. A sharp drop of 69% directly pushed the company from profit into loss. This is awkward—revenue is growing, but due to asset volatility, the books are actually showing a negative figure.

What's more troublesome is that Telegram now has to deal with two simultaneous challenges: $500 million in Russian bonds have been frozen due to Western sanctions, hindering the progress of the IPO; additionally, the CEO is still under investigation. These three pressures together make the path to an IPO quite uncertain.

For those paying attention to the TON ecosystem and Telegram's development, this situation is worth continued observation. The sustainability of revenue growth, coin price stability, and breakthroughs in regulation will all influence subsequent valuation and fundraising progress.