According to Bloomberg, Erebor Bank, a crypto-friendly bank founded by Anduril Industries founder Palmer Luckey and backed by Peter Thiel, is in talks with investors for a new round of funding, targeting a valuation of at least $8 billion, nearly double its $4.35 billion valuation at the end of last year. It is reported that the bank's deposits have surged from $1.1 billion to $4.05 billion in the past three months, adding nearly 400 new clients, and is expected to turn profitable within the year. Erebor Bank primarily serves companies in the defense technology and cryptocurrency sectors. It has previously obtained a national banking charter from the Office of the Comptroller of the Currency (OCC), with investors including Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund.