You're probably right, I stand corrected. One extra point is that burn rate was likely a fraction of that figure for most of Telegram's history when it was muc

You're probably right, I stand corrected. One extra point is that burn rate was likely a fraction of that figure for most of Telegram's history when it was much smaller. Telegram really only exploded to meteoric heights within the last few years. 50-60% increase in users also isn't necessarily indicative of a similar rise in expenses. The cost to store files and stream them has basically only ever gone down, and you can easily cut service costs by optimizing data storage, archiving content etc. Loading content from years ago on Telegram is very slow, indicating heavily optimized tiered storage. They're clearly optimizing for burn rate to some extent.