Is Elliptic profitable?

No. For the fiscal year to March 2025, Elliptic reported $30 million in revenue, up 61% year-on-year, but posted a $14 million net loss, according to reporting on its May 2026 Series D funding round.

Elliptic is privately held and venture-backed, not publicly listed. Its May 2026 Series D was led by One Peak, with Nasdaq Ventures, Deutsche Bank, British Business Bank, AlbionVC, Evolution Equity Partners and J.P. Morgan participating, valuing the company at $670 million.

Could AI replace Elliptic?

Unlikely to replace it outright. Elliptic's moat is a proprietary labeled dataset spanning 65+ blockchains plus regulatory trust with agencies like the UK NCA and FCA, which a generic frontier LLM cannot replicate. Elliptic is instead building AI (copilot, Continuous Monitoring) atop that data moat as of July 2026.

Who is Elliptic's biggest competitor?

Chainalysis is the dominant incumbent, reportedly drawing over 70% of its revenue from public-sector contracts. TRM Labs is also a close rival with FedRAMP High and DoD IL4/IL5 certifications, making it a three-way race in crypto compliance as of 2026.

How many employees does Elliptic have?

Estimates vary by source: PitchBook cites 176 employees as of 2025, Built In lists around 181 company-wide, while Growjo reported 358 in 2022 (down 17% YoY at that time), suggesting headcount has contracted since a 2021-22 peak.

What is Elliptic's Series D funding used for?

Elliptic's $120 million Series D, closed May 2026 at a $670 million valuation, is explicitly earmarked to accelerate its 'agentic product roadmap,' automating manual compliance-analyst tasks like alert review and rescreening, per CEO Simone Maini.

Crypto and digital asset companies · United Kingdom

Elliptic

elliptic.co ↗

Elliptic tracks crypto transactions across 65+ blockchains for banks, exchanges, and governments fighting money laundering.

Losing its protection

Assessed 21 July 2026 · Evidence as of 21 July 2026

The structural protection is eroding.

On the recordSince 21 July 2026 · Checkable from late 2026 · Every call on the record Checkpoint: FY26 results (year ending April 2026) show whether growth holds above 50% and losses narrow

The call

Elliptic holds a real number two or three spot in crypto compliance, backed by data and trust, but stuck in a three-way race it hasn't won.

Elliptic is a company that watches cryptocurrency movements to help banks and governments catch money laundering and fraud. The company built its own database of labeled transactions over years, which is hard for rivals to copy quickly, and regulators trust it for official compliance work. However, two bigger competitors, Chainalysis and TRM Labs, are fighting for the same customers and have strong government relationships. The race will be decided in the next year by whether Elliptic can sign up major stablecoin companies or financial firms before Chainalysis and TRM Labs do, since the winner will likely control the market for this type of monitoring.

Why

AI pressure: None apparent. Frontier LLMs can't replicate Elliptic's proprietary labeled dataset across 65+ chains, so AI mostly powers its own new agentic tools. Could AI do the core job? Unlikely.

Bigger players: Chainalysis (market leader, roughly 70% government revenue) and TRM Labs (FedRAMP High, DoD certified). Chainalysis dominates government work and both rivals are pushing into Elliptic's bank and stablecoin-issuer accounts with no clear barrier stopping them. Could a giant copy it? Yes, easily.

What protects it. Its 65+-chain labeled forensic dataset and law-enforcement-grade audit trail that regulators and banks already trust and rely on.

What would change this call

Chainalysis or TRM Labs announce agentic-compliance features matching Elliptic's within a year. Elliptic's AI-driven differentiation would no longer be unique.
Chainalysis or TRM Labs win a marquee stablecoin issuer like Circle or a Tempo-tier infrastructure account. Elliptic's enterprise/stablecoin foothold would be directly challenged by a rival win.
Elliptic's FY26 results (due around April 2026) show revenue growth rate and loss size versus prior year. Whether losses are narrowing or widening relative to 61% prior growth and $14M loss.

Key numbers

$120M Series D at $670M valuation (2026-05-19)
$30M revenue, up 61% YoY, $14M net loss (2025-03)
1B+ weekly transactions screened, 700+ customers (2026-05-19)

Named risks

Unprofitable: $14M net loss against $30M revenue for FY to March 2025. Severity: high
No structural barrier keeps Chainalysis or TRM Labs out of Elliptic's FI/stablecoin segments. Severity: high
Agentic AI pivot funded by Series D is unproven; competitors could ship parity within 6 to 12 months. Severity: medium
Headcount and revenue figures across third-party data vendors are inconsistent, complicating verification. Severity: low
Evolving EU AI Act treatment of agentic AI systems could reshape compliance product requirements. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Chainalysis	losing to	Reportedly draws over 70% public-sector revenue, dominant government incumbent as of 2026
TRM Labs	contesting	Holds FedRAMP High and DoD IL4/IL5 certifications Elliptic lacks, as of 2026
Chainalysis	contesting	Both racing to ship agentic AI compliance features through 2026
CipherTrace (Mastercard)	gaining on	Peer largely wound down by late 2025, reducing one competitor in the space

Questions people ask

Is Elliptic profitable?: No. For the fiscal year to March 2025, Elliptic reported $30 million in revenue, up 61% year-on-year, but posted a $14 million net loss, according to reporting on its May 2026 Series D funding round.
Who owns Elliptic?: Elliptic is privately held and venture-backed, not publicly listed. Its May 2026 Series D was led by One Peak, with Nasdaq Ventures, Deutsche Bank, British Business Bank, AlbionVC, Evolution Equity Partners and J.P. Morgan participating, valuing the company at $670 million.
Could AI replace Elliptic?: Unlikely to replace it outright. Elliptic's moat is a proprietary labeled dataset spanning 65+ blockchains plus regulatory trust with agencies like the UK NCA and FCA, which a generic frontier LLM cannot replicate. Elliptic is instead building AI (copilot, Continuous Monitoring) atop that data moat as of July 2026.
Who is Elliptic's biggest competitor?: Chainalysis is the dominant incumbent, reportedly drawing over 70% of its revenue from public-sector contracts. TRM Labs is also a close rival with FedRAMP High and DoD IL4/IL5 certifications, making it a three-way race in crypto compliance as of 2026.
How many employees does Elliptic have?: Estimates vary by source: PitchBook cites 176 employees as of 2025, Built In lists around 181 company-wide, while Growjo reported 358 in 2022 (down 17% YoY at that time), suggesting headcount has contracted since a 2021-22 peak.
What is Elliptic's Series D funding used for?: Elliptic's $120 million Series D, closed May 2026 at a $670 million valuation, is explicitly earmarked to accelerate its 'agentic product roadmap,' automating manual compliance-analyst tasks like alert review and rescreening, per CEO Simone Maini.

Timeline

2026-07-20Elliptic launches next-gen Continuous Monitoring, claims up to 75% cut in manual rescreening (vendor-claimed)
2026-07-09Circle Ventures invests and Circle joins Elliptic's Agentic Design Partner Program
2026-05-19Elliptic announces $120M Series D closed, $670M valuation, led by One Peak
2026-05-12Reporting confirms FY-March-2025 revenue $30M (up 61% YoY) and $14M net loss
2026-03-18Elliptic goes live on Tempo, the Stripe/Paradigm-incubated payments blockchain
2025-03-31Elliptic launches 'copilot,' an AI/agentic assistant for compliance analysts
2024Elliptic co-releases AI model with MIT and IBM to detect Bitcoin money-laundering patterns
2021-10Elliptic closes $60M Series C led by Evolution Equity Partners
2020Wells Fargo makes $5M strategic investment in Elliptic
2013-10Company founded as Bitxchange by Adam Joyce, Tom Robinson, James Smith

Revision history

21 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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