Implementing a circuit design using time-division multiplexing (TDM) can include determining a net signature for each of a plurality of nets of a circuit design. For each net, the net signature specifies location information for a driver and one or more loads of the net. The plurality of nets having a same net signature can be grouped according to distance between drivers of the respective nets. One or more subgroups can be generated based on a TDM ratio for each group. For one or more of the subgroups, a TDM transmitter circuit is connected to a TDM receiver circuit through a selected interconnect, the drivers of the nets of the subgroup are connected to the TDM transmitter circuit, and loads of the nets of the subgroup are connected to the TDM receiver circuit.