Telegram’s Bonds: A Tech Investment OpportunityTelegram, celebrated for its privacy-first messaging platform, has stepped into the spotlight with its latest bond offering, presenting a compelling case for investors. In 2021, the company raised $2.3 billion through bonds carrying a 7% coupon, set to mature in 2026, with a unique feature: the option to convert into shares at a 20% discount if Telegram goes public. Now, Telegram has returned to the bond market with a new issuance, offering a higher 9% coupon and a 2030 maturity, while retaining the same conversion rights in the event of an IPO.
A significant milestone bolstering confidence in these bonds is Telegram’s newfound profitability. In 2024, the company reported a $540 million profit, a remarkable shift from its earlier losses. The success stems from two primary revenue streams. First, its premium subscription service, launched in 2022, has grown to 13 million subscribers, each contributing an average of $2.8 monthly. Second, advertising revenue has surged, rising from $100 million in 2023 to $245 million in 2024, with projections of $350 million in 2025, driven by plans to introduce video ads in public channels, much like YouTube’s model.
Telegram’s expansive user base further underpins its financial strength. From just 20 million active users in 2013, the platform has soared to over 1 billion users in 2025, with 500 million engaging daily. This vast audience provides a robust foundation for monetization, with even modest increases in premium subscribers promising substantial revenue growth.
The new bonds stand out for their attractive terms. The 9% coupon offers a strong yield in today’s low-interest-rate environment, while the potential to convert into shares at a 20% discount aligns investors with Telegram’s growth trajectory. The company’s profitability and massive user base mitigate risks, positioning these bonds as a rare opportunity to invest in a thriving tech firm. Telegram’s bonds offer a unique blend of high yield and growth potential, backed by a company that has proven its financial viability and commands a global audience.
