# Erebor Investors Capital map for [[Erebor]]. Erebor is a **private** bank, so this is a cap-table and funding-round page, not a shareholder page. For a bank, raising capital is also a **regulatory necessity**: equity has to keep pace with deposits. The arithmetic is on [[Erebor Call Reports]]. ## Valuation trajectory | Round | Date | Raised | Valuation | Lead(s) / notes | |---|---|---|---|---| | Opening capital (total) | 2025 – Feb 2026 | ~$635M | — | All capital raised before the bank opened, including the December round | | Early rounds | 2025 | ~$285M | — | [[8VC]] reported at ~$250M; [[Founders Fund]], [[Haun Ventures]] | | December 2025 round | Dec 2025 | $350M | $4.35B post-money | Led by [[Lux Capital]]; Founders Fund, 8VC, Haun Ventures, Fundrise VCX | | Fundrise Innovation Fund | Mar 2026 | undisclosed | — | Public retail venture fund; widens the base beyond the core network | | **2026 round** | talks since Jul 2026; reported "closing" mid-Sep | ~$1.5B | $8B pre-money / ~$9.5B post-money | **Not confirmed closed as of Oct 7, 2026.** Lead not reported. Expected: [[Lux Capital]], Human Capital, [[Valor Equity Partners]], [[Andreessen Horowitz]], SV Angel; existing [[8VC]] and Haun Ventures | **Reading the 2026 figures:** the "at least $8B" from Bloomberg (Jul 2) and Axios (Aug 10) and the "$9.5B" from the FT (Aug 11) describe the **same deal**: $8B before the new money, about $9.5B after it. In mid-September The Information reported the round as **closing** at $8B pre-money. No outlet has yet reported it closed. ## Key investors - [[Palmer Luckey]] — described as principal shareholder; board member - [[Founders Fund]] — [[Peter Thiel]]'s firm; also the anchor investor in [[Anduril]] and [[Palantir]] - [[8VC]] — [[Joe Lonsdale]]'s firm; reported ~$250M, the largest early check - [[Lux Capital]] — led the December 2025 round; expected again in 2026; also an [[Anduril]] investor - [[Haun Ventures]] — Katie Haun's crypto fund; the bank's crypto-native investor - [[Andreessen Horowitz]] — reported in the opening syndicate and expected in the 2026 round; co-led [[Anduril]]'s Series H - [[Valor Equity Partners]] — expected in the 2026 round. Founded by [[Antonio Gracias]], [[Elon Musk]]'s longtime backer - Human Capital, SV Angel — expected in the 2026 round - Fundrise Innovation Fund — public retail venture fund (Mar 2026) - Elad Gil — named as an investor by Airwallex (single source) ## The overlap that matters: investors, borrowers and customers The point of this page is not the list. It is that **the same funds sit on several sides of Erebor's business at once**: | Investor | Also backs | Why it matters | |---|---|---| | [[Founders Fund]] | [[Anduril]], [[Palantir]] | The bank's customer base is largely the Thiel portfolio | | [[8VC]] | [[Anduril]], [[Palantir]] lineage, Epirus, Saronic | Lonsdale is on both the bank side and the borrower side | | [[Lux Capital]] | [[Anduril]] | Lead investor in the bank and in its sector | | [[Valor Equity Partners]] | [[Valar Atomics]] (Series B, Aug 2026) | **Investor in the lender and in its first big borrower** — see [[Erebor Loan Book]] | | [[Andreessen Horowitz]] | [[Anduril]] (Series H co-lead) | Same pattern | This is a bank capitalized by the venture funds whose portfolio companies are its depositors and, increasingly, its borrowers. It has the same correlated-risk structure that sank [[Silicon Valley Bank]], but here the cap table is concentrated too, not just the deposits. ## Watch - The 2026 round's close: lead, final valuation, any new **board seats** - Any secondary sales or a **bank holding company** formation (which would bring Federal Reserve supervision) - Whether investors' portfolio companies show up as borrowers ## See Also - [[Erebor Dossier]] · [[Erebor Leadership]] · [[Erebor Call Reports]] · [[Erebor Loan Book]] - [[Anduril Investors]] — the sister cap table - [[Founding and Funding Map]] · [[Musk-Thiel Funding Map]]