$112M/year Hereticon of nationally chartered banks

TL;DR: Founded by Palmer Luckey and backed by Founders Fund, 8VC, Haun Ventures & Lux Capital, Erebor launched in February 2026 as a bank for capital-intensive AI, defense & crypto companies, taking deposits, lending against nontraditional assets and moving money through APIs & stablecoins. Sacra estimates Erebor hit $112M in annualized revenue in July 2026, up 38% MoM from $31M in March, in talks to raise at a $9.5B valuation for an 85x multiple. For more, check out our full report and dataset on Erebor.

Key points via Sacra AI:

Co-founded by Palmer Luckey (Anduril founder) and backed by Founders Fund (~$17B AUM), Joe Lonsdale’s 8VC ($8.5B AUM), Haun Ventures ($2.5B AUM) & Lux Capital ($7B AUM), Erebor launched in February 2026 as a federally chartered, FDIC-insured national bank built to provide financial infrastructure for American technological leadership (i.e. “American dynamism”), focused on serving defense, AI and crypto companies. Biden-era crypto de-banking circa 2022-2023 along with the March 2023 collapses of Silicon Valley Bank, Silvergate Bank and Signature Bank spurred Luckey & team to found Erebor as a nationally chartered bank that could not be cut off by an upstream banking partner, vertically integrated like Column (founded by Plaid co-founder William Hockey & his wife Annie) to consolidate the money supply chain, to support today’s heretical companies & industries that could become tomorrow’s strategic powerhouses for the U.S. over the long term.
Erebor monetizes its ~500-600 large, capital-intensive customers (companies like nuclear energy startup Valar Atomics, $1.35B raised, Sequoia) primarily through interest on their deposits (68% of Q2 revenue), with the remaining 32% coming from its banking API business serving startups like Yellow Card ($90M raised, Valar Ventures) in B2B stablecoin payments & Internet Backyard ($4.5M raised, Basis Set Ventures) in AI FinOps. Like Mercury (first a neobank and now a federally charted bank) & SVB, Erebor serves venture-backed startups with high burn, minimal revenue initially, and a tendency to withdraw rather than deposit money over time, but Erebor differs in having a much higher revenue per customer ($200K vs. ~$35K) and it was built from day 1 to serve both as a commercial bank and as programmable banking API infrastructure, not either/or.
Seeding deposits with capital from its network, then growing deposits from $1.1B after its first seven weeks to $4.1B at the end of Q2 and $4.6B by the end of July (still without a public-facing website signup form), Sacra estimates Erebor grew from $31M in annualized revenue at the end of March 2026 to $112M in July, growing at 38% month-over-month, with the company in talks to raise at a $9.5B post-money valuation for an 85x revenue multiple. Compare to Column at $291M in annualized revenue in June 2026, +114% YoY in 2025, Lead Bank at $551M, +75% YoY, valued at $1.47B for a 5x multiple on ~$287M annualized revenue, and Mercury at $650M, +97% YoY, valued at $3.5B for a 6.4x multiple on $550M annualized revenue.

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