<cite index="32-1">Erebor, the tech-focused bank founded by Palmer Luckey, is nearing a $1.5 billion financing at an $8 billion pre-money valuation.</cite> <cite index="31-2">Venture firms including Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and Ron Conway's SV Angel are expected to take meaningful positions in the raise.</cite> <cite index="35-2">That valuation is roughly double December's $4.35 billion mark, achieved in less than a year since the bank received its national charter in February 2026.</cite>
<cite index="38-2">The bank held $1.1 billion in deposits at the end of March 2026. By mid-2026, that figure had climbed to roughly $4.05 billion, a near-quadrupling in a matter of months.</cite> <cite index="38-2">The bank launched with initial capital of approximately $635 million and received its national banking charter in February 2026, the first such charter granted under the current administration.</cite> <cite index="35-3">Erebor is the crypto- and AI-friendly national bank co-founded by Anduril's Palmer Luckey and Joe Lonsdale, positioning itself in the void left by Silicon Valley Bank's 2023 collapse.</cite>
<cite index="38-5">On the product side, Erebor integrates stablecoin functionality natively, offers crypto-collateralized lending, and provides payments infrastructure via API.</cite> <cite index="40-3">It targets defense technology and cryptocurrency customers, with Luckey saying much growth comes from hard-tech and defense manufacturers he calls firms 'rebuilding America's industrial base.'</cite> <cite index="38-2">The bank anticipates reaching profitability by the end of 2026.</cite> For AI and defense founders, Erebor offers a bank explicitly designed for high-risk, capital-intensive sectors traditional lenders avoid. The near-quadrupling of deposits in three months signals strong demand for post-SVB banking infrastructure focused on crypto and hard tech.