# Erebor 2026 Equity Round [[Erebor]], the national bank co-founded by [[Palmer Luckey]] and [[Joe Lonsdale]], spent 2026 raising its second large round of capital. The press reported a raise of about **$1.5 billion** at an **$8 billion valuation before the new money**, or about $9.5 billion after it. The bank has never announced that the round closed. Its regulatory filings show the money arriving anyway. ## What the filings show Erebor's call report for **September 30, 2026**, the quarterly balance sheet every bank files with federal regulators, shows total equity of **$1.53 billion**, up from **$597 million** on June 30. The bank lost **$26.9 million** that quarter, so the increase cannot come from profits. It means more than **$900 million** of new capital came in before September 30. That capital leaves equity at about **17.6% of assets**. Erebor's charter reportedly requires it to hold at least 12%. Deposits had grown to $7.1 billion, so without new capital the bank was getting close to that floor. The arithmetic is on [[Erebor Call Reports]]. ## Who is known to have bought in | Investor | Amount | Date | Notes | |---|---|---|---| | [[Robinhood]] Ventures Fund I | $30M of preferred stock | Closed Sept 17, 2026 | Announced Oct 21. Series and price not disclosed | | SBI Holdings (Japan) | $100M | Announced Nov 2, 2026 | Through its U.S. subsidiary. Stake size and closing date not disclosed. It is not yet clear whether this is part of the round or a separate deal | | Expected, per press | Not disclosed | | [[Lux Capital]], [[Valor Equity Partners]], [[Andreessen Horowitz]], [[8VC]], Human Capital, SV Angel. None confirmed | ## How the story unfolded - **July 2, 2026:** Bloomberg reports talks to raise at a valuation of at least $8 billion. - **August 2026:** Axios and the Financial Times report the same deal at $8 billion before the money and about $9.5 billion after it. These are two ways of describing one valuation, not a revision. - **Mid-September:** The Information reports the round as closing at $8 billion pre-money. - **September 17:** Robinhood's listed venture fund buys $30 million of Erebor preferred stock. - **October 30:** the September 30 call report shows equity nearly tripled. - **November 2:** SBI Holdings says it will invest $100 million. ## Why it matters **For a bank, raising money is a regulatory requirement.** Erebor's deposits have grown far faster than its lending. Every dollar of deposits requires capital behind it. This round is what lets the bank keep growing. **It was evidenced by a filing, not announced.** The clearest proof that the round happened is a line on a federal balance sheet. The lead investor, the final price and any new board seats are still undisclosed. **The backers overlap with Anduril.** Several of the expected investors also back [[Anduril]], Luckey's defense company. That is part of why lending to defense suppliers is one of the things watched at Erebor. ## Connects to - [[Erebor Investors]] — the full cap table - [[Erebor Call Reports]] — the capital arithmetic - [[OCC Charter Wave]] — the regulatory approvals behind Erebor and its peers ## See Also - [[Erebor]] · [[Erebor Leadership]] · [[Palmer Luckey]] · [[Joe Lonsdale]] · [[Founders Fund]] - [[Deals Hub]]