Instant messaging platform Telegram has entered into a strategic partnership with Elon Musk’s xAI, aiming to integrate the Grok AI service into its app. Pavel Durov, the founder of Telegram, announced this collaboration on X, revealing that the agreement spans one year and includes a substantial financial component. Telegram will receive 0 million in cash and equity from xAI, along with 50% of the revenue generated from xAI subscriptions sold through the Telegram platform.
Financial Implications and Future Prospects
This partnership arrives at a pivotal moment for Telegram, which is currently seeking to raise .5 billion through a bond offering. Notable investors such as BlackRock, Mubadala, and Citadel are backing this initiative. The funds raised are earmarked for repurchasing debt from a previous bond issuance made in 2021. With a user base exceeding 1 billion, Telegram reported impressive financials, boasting a profit of 0 million on revenues of .4 billion in 2024.
In a noteworthy development, the TON token, which serves as the native currency of the TON Network developed by Telegram, experienced a significant uptick of 18.5% within 24 hours of the announcement. The token’s price surged from .28 to .55, reflecting positive market sentiment surrounding the partnership.
Durov encapsulated the essence of this collaboration with an optimistic declaration: “Together, we win!” This sentiment underscores the potential for both companies to leverage their strengths in the evolving landscape of technology and communication.
