TRM Labs
The crypto crime tracker now selling AI investigations to police and banks. Valued at $2B in September 2026, near $100M ARR, and in a court fight over a $94.66M ICE contract.
Fortune, Sep 9, 2026- Valuation
- $2B Series C expansion, Sep 2026, double the $1B set in Feb 2026. Amount not disclosed.
- Raised
- At least $218M Sum of disclosed rounds since 2019 (our arithmetic), plus an undisclosed Sep 2026 extension.
- Revenue
- About $100M ARR CEO said in Sep 2026 it expected to reach $100M ARR within weeks. ARR quadrupled in three years.
- Watch
- ICE contract suit Chainalysis is challenging TRM's $94.66M sole-source ICE award in the Court of Federal Claims. No ruling found.
- AI
- Agents built in An MCP server with 23 tools (Jul 2026), Co-Case Agent (Mar) and the Ardence AI investigation platform (Oct).
- Liquidity
- None reported No employee tender offer or staff secondary sale found in any round announcement or press coverage.
- Hiring
- 82 → 91 remote listings since Oct 10.
Software and data licenses for crypto investigators and compliance teams.
TRM sells blockchain tracing (TRM Forensics), crypto compliance screening and monitoring, and Ardence, an AI platform that searches many data sources in one investigation. Buyers: 600+ agencies and institutions in 75 countries. No revenue split published.
trmlabs.com/llms.txt; TRM blog, Sep 9, 2026- 1Embedded with law enforcement worldwideUsed by law enforcement and national security agencies in more than 50 countries; ICE judged no other RFI respondent could match it in 2026.TRM Labs blog, Feb 4, 2026; The Block, Aug 2026
- 2Blue-chip private customersNames Circle, Coinbase, Cross River Bank, PayPal, Robinhood, Stripe and Visa among private-sector users.TRM Labs blog, Feb 4, 2026
- 3A data network others plug intoArdence draws on intelligence from more than 60 partners, including Flashpoint, SpyCloud, Shodan, Censys and ComplyAdvantage.TRM Labs blog, Oct 13, 2026
- Chainalysis$8.60Bprivate, May 12
- TRM Labs$2.00BSeries C extension, Sep 9
- Elliptic$670Mprivate, May 13
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
TRM Labs is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $2.00B
- latest valuation, Series C extension Sep 9
- $218M
- raised in all
- $100M
- ARR, as of Sep 9
- 500
- employees, as reported
No profit figure published. ARR quadrupled over three years; the 100 is the CEO's near-term expectation, not a reported close.
Fortune, Sep 9, 2026; total raised is our sum of disclosed roundsPost-money valuations as reported. The line starts at zero. Rounds without a reported valuation are left off.
- Sep 9Series C extensionat $2.00BLed by Blockchain CapitalCEO called the amount modest; money came from existing backers, per Fortune.TRM Labs blog, Sep 9, 2026; Fortune
- Feb 4Series C$70M at $1.00BLed by Blockchain Capital. About 7% of the company, if all new sharesReturning: Goldman Sachs, Citi Ventures, Thoma Bravo, Bessemer, DRW, Brevan Howard Digital, others. New: Galaxy Ventures. Pre or post-money not stated.TRM Labs blog, Feb 4, 2026
- Nov 9Series B extension$70MLed by Thoma BravoTook Series B to $130M. Goldman Sachs joined; company claimed 490% year-over-year revenue growth.Cointelegraph, Nov 9, 2022
- Dec 7Series B$60MLed by Tiger GlobalVisa, Amex Ventures, Citi Ventures, Block and PayPal Ventures joined. About 60 staff then.SiliconANGLE, Dec 7, 2021
- Jun 17Series A$14MLed by Bessemer Venture PartnersPayPal and Salesforce venture arms joined. Followed a $4.2M 2019 round and a 2018 pre-seed led by Blockchain Capital.Cointelegraph, Jun 17, 2021
- Down round or flat round?Up round. $2B in Sep 2026 against $1B in Feb 2026. Earlier round valuations were never disclosed.TRM Labs blog, Sep 9, 2026Clear
- How much of the company the last round soldExtension amount undisclosed (CEO: modest). The Feb round sold about 7% ($70M of $1B, our arithmetic, assuming post-money).Fortune, Sep 9, 2026Open
- Time since the last raiseAbout two months (Sep 9, 2026). Seven months before that was the Feb 2026 Series C; the gap before it was over three years.TRM Labs blogClear
- Structured or unusual termsNo liquidation preference, ratchet or warrant terms reported. No SEC Form D found for TRM Labs, so share price and security type are unknown.SEC EDGAR company search, Nov 3, 2026Open
- New outside lead or insiders only?Insider-led. Blockchain Capital, TRM's 2018 pre-seed lead, led both 2026 rounds; the extension came from existing backers. Galaxy Ventures was the only new name in Feb.Fortune, Sep 9, 2026; TRM blog, Feb 4, 2026Flag
- Employee liquidityNo tender offer or staff secondary sale found. Round releases and the careers page do not mention one.TRM careers page; news search Nov 3, 2026Open
- Layoffs in the last 12 monthsNone found in TRM news or press since Nov 2025. Headcount grew from about 350 (Feb 2026) to about 500 (Sep 2026).Fortune, Feb and Sep 2026; news search Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
No filing reported
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
A $94.66M sole-source contract from ICE.
The Block, Aug 30, 2026ICE awarded TRM a one-year, $94.66M sole-source deal for forensic software and support for Homeland Security Task Force cases, running Jul 1, 2026 to Jun 30, 2027.
Close to TRM's whole stated ARR if fully paid, though contract value is not recognised revenue. It also ties TRM to immigration enforcement, which some candidates will weigh.
- 02Watch
Chainalysis sued to block that contract.
The Block, Aug 30, 2026Chainalysis Government Solutions filed a bid protest in the Court of Federal Claims on Jul 27, 2026, seeking to stop performance and force open competition. TRM intervened to defend the award. Oral argument was set for Sep 2.
No ruling found as of Nov 3. A loss would likely mean a rebid, not a handover to Chainalysis.
- 03Watch
Two very different growth numbers.
Fortune, Feb 4, 2026; TRM blog, Feb and Sep 2026TRM says revenue growth averaged over 150% a year for five years. Its lead investor told Fortune revenue grew about 50% a year for four years, and TRM says ARR quadrupled in three years.
Both can be true if early years (490% in 2022) carry the average. The recent pace looks nearer 50% to 60% a year.
- 04Good
A second product line beyond crypto.
TRM Labs blog, Oct 13, 2026Ardence, launched Oct 13, 2026, is an AI platform that searches corporate, cyber, identity, dark web, sanctions and financial data in one investigation. It can run in AWS GovCloud.
The CEO calls AI a second growth engine, not a pivot. It also moves TRM toward Palantir-style all-source work, a bigger and more crowded market.
- 05Neutral
Valuation doubled in seven months on a small, insider round.
Fortune, Sep 9, 2026The Sep 2026 extension doubled the price to $2B. The amount was undisclosed and called modest by the CEO, who said the valuation works as a recruiting signal.
A small check from existing investors sets a headline price more easily than a large outside round. It is about 20 times the stated ARR (our arithmetic).
- 06Good
Hiring fast.
Fortune, Feb 4 and Sep 9, 2026About 350 employees in Feb 2026 and about 500 by early Sep 2026, per Fortune. TRM says it is hiring AI researchers, data scientists, engineers and domain experts.
Roughly 40% headcount growth in seven months, if both counts are on the same basis.
- 07Good
Named in Microsoft's cybercrime takedowns.
TRM Labs company news, Oct 2026TRM supported Microsoft disruptions of EvilTokens (Sep 2026) and of YAM Store, CoGUI and Iron Man scam services (Oct 2026), and partnered with Zscaler ThreatLabz in Oct.
Private-sector security work widens TRM's buyer base beyond crypto firms and police.
People is paid 36% over market. Sales, 13% over.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with TRM Labs?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Well ahead for its niche. Customers' agents can work alerts through TRM's MCP, with an analyst approving any change.
Still Remote read- YesAn MCP server for customers' AI agentsTRM MCP launched Jul 2026 for Transaction Monitoring, then Wallet Screening. 23 tools, signed in with the user's own TRM account. Writes such as dismissing an alert need analyst approval.TRM tech blog, Oct 22, 2026
- YesAPI docs that coding agents can querydocs.trmlabs.com runs a docs MCP endpoint (answered an MCP initialize call) and publishes a guide to connect Claude, Cursor, Codex and VS Code to it.checked Nov 3, 2026
- Yesllms.txt on the main site and docsBoth exist. trmlabs.com/llms.txt explains the products and licensing; docs.trmlabs.com/llms.txt indexes the API guides.checked Nov 3, 2026
- YesLets AI crawlers read its siterobots.txt allows all bots and names GPTBot, ChatGPT-User, ClaudeBot, Claude-User, Claude-SearchBot and PerplexityBot with Allow: /.checked Nov 3, 2026
- YesIts own in-product AI agentCo-Case Agent (Mar 25, 2026) traces funds and suggests next steps inside TRM Forensics, at no extra cost. It suggests and documents; it does not alter graphs.TRM Labs blog, Mar 25, 2026
Where TRM Labs puts AI to work.
- 1An AI agent did a database upgradeA closed-loop agent tuned slow endpoints one SQL change at a time while TRM jumped 58 StarRocks releases. 36 endpoints got faster, with zero customer-facing incidents.TRM tech blog, Apr 17, 2026
- 2AI models grade AI tools in testingIts build checks run real models through 20+ scenario tests, with a stronger judge model grading full workflows. The MCP server went from kickoff to launch in about two months.TRM tech blog, Oct 22, 2026
Fewer listings than on Sep 7, led by sales.
What has to be true for $2 billion to hold?
The starting revenue is TRM Labs's own reported figure. A way to think, not a forecast, and not investment advice.
At 20x, TRM Labs needs $100 million of revenue to be worth $2 billion. Your world gets there with $196 million, so the next round likely prices above the last.
$100,000 of equity valued at the $2.00B Series C extension price would be worth about $196,000 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
Fortune, Sep 9, 2026; TRM blog, Sep 9, 2026The signals, and which way they push.
- TailwindGovernments are buying.
A $94.66M ICE award, agencies in 50+ countries, and a March 2026 executive order aimed at scam centers and transnational crime.
- TailwindCriminals are adopting AI.
TRM measures a 40% rise in criminal AI use in 2026; FBI IC3 losses reached $21B in 2025. Ardence is built to sell into that.
- HeadwindA bigger rival is fighting back.
Chainalysis, last valued at $8.6B, is litigating the ICE award. Elliptic raised $120M in May 2026.
- HeadwindGrowth is slowing from its early pace.
490% in 2022 versus about 50% a year more recently, per the lead investor. Still healthy, but the price doubled faster than revenue did.
Where TRM Labs ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
TRM lists on a US exchange by 2031.
Long shot 16%IPOAt about $100M ARR it is small for a listing, and no filing or banker hire has been reported. The CEO talks of a generational company, but the 2026 rounds were small insider checks, not pre-IPO rounds.
Fortune, Sep 9, 2026 - 2
A defense, data or security company buys TRM before 2032.
Coin flip 50%M&AThoma Bravo and Goldman Sachs are on the cap table, and Ardence's government data work fits larger platforms. Against that, insiders just paid up to stay in.
TRM Labs blog, Feb 4, 2026 - 3
Non-crypto investigations become half of TRM's revenue by 2031.
Coin flip 50%ProductsArdence covers fraud, sextortion and cybercrime, not just chains. But it launched only in Oct 2026 against well-funded investigation platforms.
TRM Labs blog, Oct 13, 2026; Fortune, Sep 2026 - 4
Most TRM compliance alerts are first triaged by customers' AI agents, with a human signing off.
Likely 72%AITRM MCP already lets agents gather alert context and propose dispositions. Approval-first design fits regulated buyers.
TRM tech blog, Oct 22, 2026 - 5
TRM and Chainalysis remain the two main US government suppliers, trading contracts and protests.
Likely 72%CompetitionBoth sell forensics to the same agencies, and the ICE protest shows how contested each award is. Elliptic is far smaller by valuation.
The Block, Aug 30, 2026
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.