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Financial Infrastructure · National Bank Charter

Erebor

A nationally chartered U.S. bank founded by Palmer Luckey for the innovation economy — defense, robotics, crypto, fintech, AI and hard tech — combining operating accounts, payments, credit and treasury in one relationship.

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
4/5

Key value driver

Full OCC national charter (Feb 2026, the fastest approval for an insured depository in 25 years) is a real moat; $2.125B raised at a $9.5B valuation (Erebor overview, Oct 2026); deposits $0→$4.6B by end-July; $100M+ ARR; full stack across ABL and venture lending (incl. GPU/compute equipment finance), fund finance, ~5% managed treasury, a 24/7 FX desk and stablecoin rails; Luckey/Lonsdale, 8VC, Lux, Valor, Human Capital, a16z, 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; a concentrated depositor base is the SVB failure mode — partly mitigated by a ≤50% loan-to-deposit target, excess liquidity in short-dated governments and $285M pass-through deposit insurance, which protects depositors but not equity

Latest news

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