Erebor Bank, the Columbus-based national lender co-founded by Anduril's Palmer Luckey, added more than $3 billion in deposits over the past quarter and signed on over 500 new customers, the company said. The haul lifts a bank that opened its doors in February 2026 to a deposit base that external estimates place between $4.05 billion and $4.6 billion as of mid-year.

How steep is the growth curve?

Erebor held roughly $1.1 billion in deposits at the end of March 2026, meaning the bank has added more than triple that figure in roughly 90 days. Research firm Sacra estimates Erebor's annualized revenue climbed from approximately $31 million in March 2026 to $112 million by July 2026, a 3.6x expansion tracking the deposit surge.

The bank reported more than 500 new client relationships during the quarter, a customer-acquisition pace that would be unusual for a depository institution in its first year of operation. Sacra's revenue estimate implies roughly 100 basis points of deposit-funded yield, a margin consistent with a venture-debt-heavy balance sheet rather than a spread-driven retail franchise.

Who is behind the lender?

Erebor operates as a federally chartered national bank headquartered in Columbus, Ohio, with FDIC-insured accounts. The Office of the Comptroller of the Currency approved Erebor as the first national bank chartered under the current administration, according to the company. Investors include Founders Fund, 8VC, and Haun Ventures, the crypto-focused firm led by former Andreessen Horowitz partner Katie Haun.

The bank extends equipment financing and venture debt alongside standard depository services, targeting capital-intensive firms in AI, defense technology, and advanced manufacturing. Luckey co-founded Anduril Industries, the defense technology company, an experience he has cited as motivation for building a lender suited to hardware-heavy startups that traditional banks tend to underwrite conservatively.

What is the stablecoin strategy?

Erebor supports stablecoins for both deposits and payments, pairing that capability with its federally chartered structure. The presence of Haun Ventures on the cap table aligns with that positioning, as the firm has been an active investor in crypto infrastructure since spinning out of a16z.

The bank has not disclosed which stablecoin issuers it works with, and Erebor did not respond to requests to clarify the custody arrangements for tokenized deposit balances. The offering places Erebor among a small group of federally regulated banks actively marketing stablecoin rails to corporate clients, a cohort that has drawn scrutiny from banking regulators over deposit-substitution risk.

What risks does the deposit profile carry?

Erebor's concentration in venture-backed, capital-intensive startups mirrors the customer mix that made Silicon Valley Bank vulnerable before its March 2023 failure. Clients in related industries tend to face funding pressure simultaneously, and deposits in such a book can leave in correlated waves.

Erebor launched in direct response to the SVB collapse, with backers publicly framing the lender as a diversified alternative for the innovation economy. Whether diversification extends across sub-sectors, or simply across a broader set of AI and defense names, will determine how correlated the deposit base remains in a downturn.

What comes next?

Erebor is in funding discussions targeting an $8 billion valuation, nearly double its prior mark of $4.35 billion, according to people familiar with the talks. The bank has guided to a path to profitability by year-end, a target that depends on whether the $112 million annualized revenue run rate Sacra estimates for July holds through a full reporting period.

The next markers to track are the resolution of the funding round, the OCC's posture on the bank's first-year examination, and whether deposit growth continues to outpace the loan book or forces a steeper build in securities holdings ahead of a possible rate pivot.