Bank startup supported by Thiel reaches a valuation of $4.35B in recent fundraising, according to reports.

Written by Emily J. Thompson, Senior Investment Analyst

Source: SeekingAlpha

Updated: Dec 22 2025

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Source: SeekingAlpha

Funding and Valuation: Erebor Bank has raised $350 million in funding, bringing its valuation to approximately $4.35 billion, with Lux Capital leading the investment round.
Investor Background: The bank's existing investors include notable names such as Peter Thiel's Founders Fund, 8VC, and Haun Ventures, alongside new investors participating in the latest funding.
Regulatory Approvals: Erebor Bank recently received FDIC approval for deposit insurance and was granted preliminary conditional approval to become a national charter bank.
Target Industries: The bank aims to serve Silicon Valley tech companies and also focuses on the defense and aerospace sectors, with co-founder Palmer Luckey being the CEO of Anduril Industries, a defense technology firm.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.