Erebor Bank, the digital national bank co-founded by Oculus founder and Anduril Industries chief Palmer Luckey, is in talks to raise approximately $1.5 billion at a valuation of at least $8 billion. That valuation would represent a near-doubling from where the bank stood just seven months ago.
Fast growth by any measure
Erebor’s deposit growth tells the story better than any pitch deck. 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.
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. That regulatory milestone gave Erebor the legal footing to operate at scale across state lines, something that had previously complicated banking for many tech-sector clients.
Its December 2025 funding round, a $350 million raise led by Lux Capital, valued the company at $4.35 billion post-money. The current discussions would value the bank at more than $8 billion.
A bank built for founders, not retirees
Erebor describes itself as a “farmers’ bank for tech.” The bank operates out of Columbus, Ohio, and targets clients in high-growth sectors: AI companies, defense contractors, advanced manufacturing firms, and crypto-related businesses.
On the product side, Erebor integrates stablecoin functionality natively, offers crypto-collateralized lending, and provides payments infrastructure via API. A crypto-native company can borrow against its Bitcoin holdings or receive payments in stablecoins without having to maintain a patchwork of fintech integrations on the side.
The investor roster reads like a who’s who of contrarian capital
Palmer Luckey sits on the board. Peter Thiel’s Founders Fund is in. So are 8VC, Haun Ventures, and Lux Capital, which led the December round.
Haun Ventures, founded by former federal prosecutor and Andreessen Horowitz partner Katie Haun, has a particular focus on crypto and Web3 infrastructure.
The bank anticipates reaching profitability by the end of 2026.