Highly scaled indium phosphide (InP) heterojunction bipolar transistor (HBT) technologies have been demonstrated with maximum frequencies of oscillation ( f max) of >1 THz and circuit operation has been extended into the lower end of the terahertz (THz) frequency band. InP HBTs offer high radio-frequency (RF) output power density, millivolt (mV) threshold uniformity, and high levels of integration. Integration with multilevel thin-film wiring permits the realization of compact and complex THz monolithic integrated circuits (TMICs). Circuit results reported from InP HBT technologies include: 200-mW power amplifiers at 210 GHz, 670-GHz amplifiers and fundamental oscillators, and fully integrated 600-GHz transmitter circuits. We review the state of the art in THz-capable InP HBT devices and integrated circuit (IC) technologies. Challenges in extending transistor bandwidth and in circuit design at THz frequencies will also be addressed.