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374 facts · 512 sources · updated 2026-09-30

Fact fund-009

newrecordconfirmed $200M credit line led by Erebor Bank; OCC's 2025 letter lists Valar backer Palmer Luckey as an Erebor director
2026-08-03 · fund-009 · Valar Atomics, Erebor Bank, J.P. Morgan, Crescent Cove, Hercules Capital, Palmer Luckey, Office of the Comptroller of the Currency, Elizabeth Warren · credit facility (company-announced ceiling): $200,000,000; Erebor Bank's opening capital (Banking Dive): $635,000,000

Valar's Series B post announces 'a $200 million credit facility led by Erebor Bank, as administrative agent, and J.P. Morgan, alongside Crescent Cove and Hercules Capital'; its counsel Goodwin Procter published the same lenders. No interest rate, term, security or amount drawn has been published. Erebor Bank, N.A. (Columbus, Ohio) received preliminary conditional approval from the Office of the Comptroller of the Currency on 15 Oct 2025; in its list of people serving 'as proposed in the application', the OCC letter names Palmer Luckey as 'Director, Principal Shareholder', one of three principal shareholders listed. Banking Dive (9 Feb 2026), citing the Wall Street Journal, reports that the bank had received its national charter and opened with $635 million of capital, that Erebor 'was founded by tech billionaire Palmer Luckey', and that Luckey would have no operating role but would serve on its board. Luckey is a reported Valar investor since the Series A (fund-004; TechCrunch, July 2026). On 25 Feb 2026 Senator Elizabeth Warren, the Banking Committee's ranking member, wrote to the Comptroller questioning how the charter was approved and describing Erebor as a planned hub for firms tied to its billionaire backers; her letter does not mention Valar. Neither Valar's post nor Goodwin's names Luckey or says how the tie was handled. Hercules Capital, Inc. files quarterly 10-Q reports with the SEC (its report for the third quarter of 2025 was filed 30 Oct 2025); its report for the quarter ending 30 Sept 2026 may show its share of the facility and its terms. As of 29 Sept 2026 an EDGAR full-text search finds no Hercules filing that names Valar. The two-way tie is public record; nothing read shows improper terms.

In plain termsValar's new $200 million line of credit is run by Erebor, a bank that opened in early 2026. Federal bank records from its 2025 approval list Palmer Luckey, the Anduril founder who also invested in Valar, as a director and one of the bank's main shareholders, and a news report says he sits on its board. So one of Valar's investors is also on the board of the bank arranging its credit line. The loan's terms are not public, and nothing read shows improper terms; no statement from Valar or the bank about the connection was found.
verified 2026-09-29: Re-verified 2026-09-29: Valar post, Goodwin, OCC letter, Banking Dive, Senate letter and TechCrunch re-read. The Banking Dive quote merged two sentences and was replaced with exact words; $635M and the board seat are the WSJ's, via Banking Dive; the OCC list is of people 'as proposed'; Hercules' 10-Q timing now sourced to EDGAR; date set to the 3 Aug announcement. Correction 2026-09-29 (wording review): legality aside removed; states that nothing read shows improper terms.

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