Palmer Luckey’s Erebor Hits $4.35 Billion Valuation After Landing FDIC Approval
The post Palmer Luckey’s Erebor Hits $4.35 Billion Valuation After Landing FDIC Approval appeared on BitcoinEthereumNews.com.
TLDR Palmer Luckey’s Erebor banking startup closed a $350 million funding round at a $4.35 billion post-money valuation FDIC granted deposit insurance approval last week, advancing Erebor’s path to becoming a chartered national bank Lux Capital led the round with participation from Founders Fund, 8VC, and Haun Ventures Bank will target tech companies in crypto, artificial intelligence, defense, and manufacturing sectors Launch expected in 2026 following Silicon Valley Bank’s 2023 collapse that left sector without major banking partner Erebor has closed a $350 million funding round at a $4.35 billion valuation following regulatory approval from federal banking authorities. Lux Capital led the investment round, with existing backers including Peter Thiel’s Founders Fund, 8VC, and Haun Ventures participating. Palmer Luckey on Erebor, his new bank just valued at over $4B: “We’ll have the most conservative loan-to-deposit ratios of any bank in history.” “I’m not a finance bro. I want something like Erebor to exist because of and for the sake of my love for these other technologies.” pic.twitter.com/0dX7d5ER6b — TBPN (@tbpn) December 22, 2025 The Federal Deposit Insurance Corporation approved Erebor’s deposit insurance application last week. This regulatory milestone moves the banking startup closer to operating as a chartered national bank in the United States. Palmer Luckey, who co-founded Erebor with Joe Lonsdale in 2025, also serves as CEO of defense technology company Anduril. Luckey previously founded Oculus VR before its acquisition by Facebook. The startup emerged to address banking service gaps that developed after Silicon Valley Bank’s failure in March 2023. SVB had served as the primary financial institution for many venture-backed technology companies before collapsing. Interest rate increases eroded the value of SVB’s securities portfolio, triggering a depositor run. The failure ranked among the largest bank collapses since the 2008 financial crisis. Banking Services for Innovation Economy Erebor plans…
Filed under: News - @ December 23, 2025 9:27 pm