In this paper, the small- and large-signal modeling of InP heterojunction bipolar transistors (HBTs) in transferred substrate (TS) technology is investigated. The small-signal equivalent circuit parameters for TS-HBTs in two-terminal and three-terminal configurations are determined by employing a direct parameter extraction methodology dedicated to III–V based HBTs. It is shown that the modeling of measured S-parameters can be improved in the millimeter-wave frequency range by augmenting the small-signal model with a description of AC current crowding. The extracted elements of the small-signal model structure are employed as a starting point for the extraction of a large-signal model. The developed large-signal model for the TS-HBTs accurately predicts the DC over temperature and small-signal performance over bias as well as the large-signal performance at millimeter-wave frequencies.