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Financial Infrastructure · National Bank Charter
Erebor
A federally chartered digital bank built for frontier-technology companies, scaling deposits and revenue at unprecedented speed.
Key metrics
- Initial investment
- $150K
- Current value
- $150K
- Entry valuation
- $9.5B
- Latest valuation
- $9.5B
- Current MOIC
- 1.0x
- Base case
- $525K
- Bull case
- $1.2M
- Conviction
- 4/10
Key value driver
National bank charter (final OCC approval Feb 2026) is a real moat; deposits $0→$4.6B by end-July; $100M+ ARR; $4.35B→$8B pre in months; Luckey/Lonsdale, Valor, a16z, Lux, 8VC, Haun, SV Angel
Primary risk
~2.1x deposits / ~95x ARR — priced as tech, not as a bank; credit exposure to pre-revenue nuclear and crypto borrowers; concentrated depositor base is exactly what killed SVB; SPV fees/carry undisclosed
Latest news
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