A method of creating a secure intellectual property (IP) representation of a circuit design for use with a software-based simulator can include translating a hardware description language representation of the circuit design into an encrypted intermediate form and compiling the intermediate form of the circuit design to produce encrypted object code. The method further can include linking the encrypted object code with a simulation kernel library thereby creating the secure IP representation of the circuit design. The secure IP can include an encrypted simulation model of the circuit design and a simulation kernel configured to execute the encrypted simulation model.