Erebor Bank, backed by Peter Thiel’s Founders Fund and prominent investors including Palmer Luckey and Joe Lonsdale, launched on February 8, 2026 with approximately $635 million in initial capital. Within just seven weeks of operation, the bank accumulated $1.1 billion in deposits, signaling strong demand for a crypto-friendly banking alternative. A $350 million funding round closed in December 2025 at a $4.35 billion valuation, with recent discussions suggesting a potential valuation exceeding $8 billion. Erebor Bank explicitly targets technology startups, venture capital firms, crypto companies, and AI ventures, filling the void left by Silicon Valley Bank’s collapse in March 2023.
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