CONFIDENTIAL

CONFIDENTIAL

LFG Erebor

Terms

  • Valuation: $2B pre

  • Total Raise: $225-250M

  • Structure: Primary (Series A)

  • Management Fee: 12% (upfront); 8% for LFG+ Members

  • Carry: 20% up to 3x return; 30% after 3x

  • Expenses: passthrough (industry standard)

Timeline

  • Commitment Due: July 6th

  • Funds Due: August 8th

Notes

  1. Limited Allocation: LFG+ Members receive priority access to limited allocation — here are our membership details. To receive LFG+ Member benefits for this deal, you must active your membership by EOD July 7th.

  2. Round: this raise is contingent on conditional OCC bank charter approval. The capital fully funds regulatory capital requirements and positions the company to take in more than $3B in insured deposits.

  3. Structure: our SPV is investing into a cap table co-investment vehicle

  4. Requirement: you must be Qualified Purchaser as defined by the SEC in order to participate

  5. Limited Information: due to sensitivity, detailed materials are limited.

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About Erebor

Erebor is Palmer Luckey’s stealth stage digital bank built for the innovation economy. As sectors like AI, defense, crypto, and advanced manufacturing accelerate, traditional banks and fintechs are falling behind. Erebor aims to fill the gap with a modern banking platform purpose-built to serve the next generation of high growth companies.

  1. Conviction Points

  • Visionary founder with a strong track record (Oculus, Anduril)

  • Deep integration with crypto native infrastructure and AI lenders

  • Anchor clients already committed with over $100M from Fluidstack and $40M from Anchorage

  • Massive whitespace with over $800B in unmet demand across stablecoins, GPUs, and startup credit

  • Strong financial profile with profitability from year one, low loan to deposit ratio, and high capital efficiency

  • Building its own banking core (like Column and Anchorage) for full control over the product stack

  1. Demand

  • Fluidstack is backed by Peter Thiel, depositing $100 million and seeking up to $1B in GPU backed credit.

  • Anchorage has committed $40M and is using Erebor APIs for stablecoin minting.

  • These partners validate product-market fit.

Press

  1. Palmer Luckey aims to revive tech banking with crypto-friendly ‘Erebor’ startup

  2. Anduril Founder Palmer Luckey, Palantir Co-Founder Joe Lonsdale To Invest In Crypto-Friendly Startup Bank

  3. Erebor: The Crypto-Friendly Bank Aiming to Redefine Fintech Stability

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Please note that nothing herein constitutes or should be construed as financial or investment advice. While the information is believed to be accurate, it may include estimates, errors, or inaccuracies. You are responsible for conducting your own due diligence. You are solely responsible for determining whether any investment, investment strategy, security, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance. Investors and users should consult with licensed legal professionals and investment advisors for any legal, tax, insurance, or investment advice. Investing in private is extremely speculative and involves a high degree of risk. You should not invest unless you are in a position to lose the entire amount of your investment. No public market currently exists for this opportunity, and there can be no assurance that such a public market will ever exist.