Palmer Luckey's Erebor Nears $1.5B at an $8B Pre-Money — the SVB Replacement Now Has $4.6B in Deposits Six Months After Charter Approval

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The FT reported on August 10 that Erebor, the bank founded by Anduril's Palmer Luckey and Palantir's Joe Lonsdale, is closing a $1.5 billion round at an $8 billion pre-money valuation, with Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel joining early backer Founders Fund. The operating numbers are the story: Erebor received final regulatory approval only in February and already holds $4.6 billion in deposits and has passed $100 million in annualized recurring revenue. It targets crypto, AI and defense startups — explicitly the niche Silicon Valley Bank vacated in 2023.