Erebor Bank, founded by Anduril co-founder Palmer Luckey, collected over $3 billion in deposits while adding more than 500 new clients during the most recent quarter. This bank specializing in financing artificial intelligence, defense, and advanced manufacturing firms saw its deposits grow from approximately $1.1 billion at the end of March 2026 to an estimated $4.05 to $4.6 billion by mid-year. Its annualized revenue surged from roughly $31 million in March 2026 to $112 million by July 2026, according to research firm Sacra. Erebor, operating as a federally chartered national bank based in Columbus, Ohio with FDIC insurance, is reportedly in funding discussions for an $8 billion valuation, nearly doubling its previous valuation of $4.35 billion. The bank, backed by Founders Fund, 8VC, and Haun Ventures, was created in response to the collapse of Silicon Valley Bank in 2023 and offers services including stablecoin support.
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