Dec 22, 2025 - Technology

Scoop: Palmer Luckey's digital bank valued at over $4 billion

Lucinda Shen,
Dan Primack

Erebor, a new digital bank co-founded by Anduril's Palmer Luckey, has quietly raised $350 million at a $4.35 billion post-money valuation, Axios has learned from multiple sources.

Why it matters: Investor excitement in the stablecoin banking startup is reaching AI levels.

Zoom in: Lux Capital led the round, which is said to also include other new investors.

Existing backers include Founders Fund, 8VC and Haun Ventures.

Catch up quick: Erebor recently received conditional approval from U.S. banking regulators, just four months after submitting its application.

It also secured FDIC approval last week, which is a prerequisite for taking deposits.
Expectations are that it will launch next year.

Erebor declined comment.

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Scoop: Palmer Luckey's digital bank valued at over $4 billion

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