Erebor Bank, founded by Anduril co-founder Palmer Luckey, reported an increase of over $3 billion in deposits during the most recent quarter. The bank, which launched in February 2026, also added more than 500 new customers to its portfolio.
Financial data indicates significant growth for the institution. Deposits rose from $1.1 billion at the end of March 2026 to an estimated range of $4.05 billion to $4.6 billion by mid-year. Annualized revenue is estimated by Sacra to have grown from $31 million in March 2026 to $112 million in July 2026.
The bank is reportedly in discussions for a new funding round that targets a valuation of $8 billion, nearly doubling its previous valuation of $4.35 billion. Erebor operates as a federally chartered national bank based in Columbus, Ohio, with FDIC insurance.
Erebor focuses on capital-intensive sectors, including AI, defense technology, and advanced manufacturing. It provides equipment financing, venture debt, and standard banking services, while also supporting stablecoins for deposits and payments.
