Who are the largest shareholders?
Telegram has never published any details about its ownership structure. That may change in the future as Durov has suggested he was considering taking Telegram public, but as of August 2025, nothing has been confirmed. While an initial public offering (IPO) may seem incompatible with Telegram's current business structure, Durov sees community value in a financially stable version of the messaging system.
While discussing the IPO idea with The Financial Times in March 2024, Durov said, "The main reason why we started to monetize is because we wanted to remain independent. Generally speaking, we see value in it as a means to democratize access to Telegram's value."
Pavel appears to be the main owner of the Telegram business. Nikolai may hold a smaller ownership stake, but it has not been confirmed.
The company has raised funds from several investors over the years, including the Abu Dhabi Catalyst Partners fund and its parent organization, Mubadala Investment Company, as well as additional investment from BlackRock (BLK -1.43%).
Other shareholders may exist, but their stakes can't hold a candle to Pavel's controlling interest. If Telegram proceeds with an IPO, more information should become available to clarify the ownership structure.