Erebor, the bank founded by Anduril's Palmer Luckey and backed by Peter Thiel, is in talks to raise at a valuation of at least $8bn — roughly double its late-2025 valuation. The bank's deposits have nearly quadrupled from $1.1bn to $4bn in just three months, adding around 400 customers. Targeting defence technology and cryptocurrency firms left without banking after SVB's 2023 collapse, Erebor received its national charter in February 2026 under the Trump administration. The rapid charter approval has drawn scrutiny from Senator Elizabeth Warren over potential political ties. The bank also signed a preliminary deal with Banco de Venezuela for correspondent banking, a move that raises sanctions concerns, and Luckey is reportedly backing a new US perpetual-futures exchange.
