TRM Labs doubles valuation to $2 billion as AI crime platform nears November launch

TRM Labs has reached a $2 billion valuation after securing additional funding from existing investors, just six months after the blockchain intelligence company was valued at about $1 billion.

Chief executive Esteban Castano confirmed the new valuation in a September 9th 2026 interview with Fortune, although the company has not disclosed how much money was raised.

Castano described the latest investment as modest, making the valuation the main detail disclosed from the private transaction.

TRM Labs doubles valuation in six months

The new investment comes after TRM raised $70 million in a Series C funding round earlier this year.

That round valued the company at $1 billion and was led by Blockchain Capital, with Goldman Sachs, Bessemer Venture Partners, Galaxy Ventures and Citi Ventures among the participating investors.

The latest funding came entirely from existing backers, according to Fortune.

TRM has not disclosed how much each investor contributed or provided new financial statements showing how the company arrived at the $2 billion valuation.

AI becomes TRM’s next growth area

TRM is now looking beyond blockchain investigations.

The company plans to publicly launch an AI crime investigations platform in November that will help investigators examine crimes involving deepfakes, sextortion and child sexual abuse.

Castano described AI as a second growth engine rather than a change in the company’s main business.

TRM already provides blockchain intelligence tools used by financial institutions, cryptocurrency companies and government agencies to trace digital assets and investigate suspicious transactions.

The new platform is expected to combine blockchain records with corporate information, cyber threat intelligence, dark web data and other sources.

TRM also claims that criminal use of AI increased 40% during 2026. However, that figure comes from the company’s own index and is not an independently audited industry measurement.

TRM targets $100M in recurring revenue

The company’s valuation is also being driven by expectations of continued revenue growth.

Castano said TRM’s annual recurring revenue could reach $100 million within weeks.

However, the company has not disclosed its current revenue, profitability or operating expenses.

TRM is privately held, meaning it does not have to publish the same level of financial information required from publicly traded companies in the United States.

The company had about 500 employees in early September and operates offices in San Francisco, London, Singapore and Washington, D.C.

TRM also says more than 600 government agencies and financial institutions across 75 countries use its products and services.

A growing market for blockchain investigations

TRM’s expansion comes as cryptocurrency continues to play a role in investigations into scams, money laundering and other financial crimes.

Blockchain transactions are recorded publicly, allowing investigators to follow the movement of funds between addresses.

But tracing a transaction is only one part of an investigation.

Authorities often need information from cryptocurrency exchanges, financial institutions and other sources to determine who controls a particular wallet or address.

That has created a growing market for companies that can turn blockchain transaction data into information investigators can use.

Chainalysis challenges TRM’s $94.66M ICE contract

TRM’s growth is also taking place while it faces a legal challenge from competitor Chainalysis.

Chainalysis is challenging a $94.66 million contract awarded to TRM by U.S. Immigration and Customs Enforcement.

The contract covers blockchain forensic software and support for investigations involving scams, cybercrime and sextortion.

Chainalysis has argued that ICE improperly used a sole-source procurement process when awarding the contract.

TRM and the U.S. government have not accepted those allegations as established facts.

The case is before the U.S. Court of Federal Claims, with the contract running from July 1, 2026, through June 30, 2027.

No final ruling on the merits had been publicly identified when the story was prepared.

The bigger question for TRM

TRM is now trying to turn its position in blockchain intelligence into something broader.

The November launch will show whether its AI crime platform can move the company beyond cryptocurrency investigations and into other areas of digital crime.

The timing is important because criminals are also finding new ways to use artificial intelligence.

Deepfakes, automated fraud and other AI-assisted crimes are creating new challenges for investigators who already rely on digital evidence.