Palmer Luckey’s Erebor Bank adds over $3 billion in deposits in a single quarter

Palmer Luckey’s bank just had the kind of quarter most new lenders spend years waiting for. Erebor Bank pulled in more than $3 billion in deposits over the past quarter and added over 500 customers. That is a remarkable haul for a bank that opened its doors in February 2026. The pitch is a lender built for the startups that traditional banks tend to find a little too exotic. The numbers behind the quarter The growth curve is steep. Erebor held $1.1 billion in deposits at the end of March 2026. By mid-year, estimates put the total somewhere between $4.05 billion and $4.6 billion. The customer count is the quieter but arguably more telling number. More than 500 new clients signed on during the quarter. Revenue appears to be keeping pace. Research firm Sacra estimates Erebor’s annualized revenue climbed from approximately $31 million in March 2026 to $112 million by July 2026. Investors have noticed. Erebor has reportedly been in funding discussions targeting an $8 billion valuation. That would nearly double its prior valuation of $4.35 billion. A bank built for the frontier economy Erebor positions itself as a niche lender for the innovation economy, with a focus on capital-intensive...