Latest news with #Luckey
Axios
13-06-2025
- Business
- Axios
Scoop: New details on Palmer Luckey's crypto unicorn
We're learning more about Atticus, the stealthy stablecoin startup that we recently reported was raising funding from Anduril CEO Palmer Luckey and others at a $2.25 billion valuation. Driving the news: The agreement will see Atticus (or at least its team) effectively merge into something called Erebor, recently formed by Luckey with plans to get a banking license. Investors in the combined entity would include 8VC, Founders Fund, and Haun Ventures. Sources say that the new investment will be for around $250 million at the $2.25 billion valuation. The big picture: Crypto startups and founders say they've been victims of debanking, and this may be Luckey's way to ensure it doesn't happen to him or fellow founders in the future. Zoom in: On theme with his past companies, Erebor is named after the Lonely Mountain from the Lord of the Rings trilogy and The Hobbit. The combined business would bank startups, with a stablecoin-native element to it.
New York Post
13-06-2025
- Business
- New York Post
Anduril's Palmer Luckey plots 'Erebor' digital bank startup: sources
Palmer Luckey — whose fast-growing defense firm Anduril is set on revolutionizing modern warfare – is now backing an ambitious, crypto-friendly banking startup that aims to rethink the world of finance, The Post has learned. The 32-year-old tech mogul is backing a fledgling financial firm that aims to provide stability for Silicon Valley — and which is focused mainly on helping tech entrepreneurs build their businesses versus maximizing returns on deposits, insiders said. The startup is tentatively being called 'Erebor' – a reference the mountain where the dragon Smaug stores his hoard of gold in J.R.R. Tolkien's 'The Lord of The Rings' prequel 'The Hobbit' – but the moniker is not final and could change, the sources said. Advertisement 5 Palmer Luckey is perhaps best known as the creator of the Oculus VR headset. Bloomberg via Getty Images In addition to cash, sources said Erebor aims to handle deposits in stablecoin, a class of digital currency with value directly pegged to a 'stable' asset, like the US dollar or gold. Luckey — who famously created the Oculus VR headset and whose net worth is pegged by Forbes at $3.6 billion — is partnering on the bank startup with tech investor Joe Lonsdale, sources close to the project told The Post. Lonsdale's venture firm 8VC is leading a $225 million fundraising round for the startup – cash that will be used to meet federal regulatory requirements for launching a bank, sources said. Advertisement The startup's expected post-money valuation couldn't immediately be learned. Reps for Luckey and Lonsdale — who each will take a seat on the new firm's board of directors, according to sources — did not immediately comment. The Erebor project is in its early stages and the plans have not been finalized, the sources added. The partners have yet to set a date to start up operations. Advertisement 5 Joe Lonsdale is expected to take a board seat. Bloomberg via Getty Images While Luckey is a cofounder, he is not expected to hold an executive role or to be involved in day-to-day operations at Erebor. The names of other cofounders and venture firms involved in the initial fundraising round couldn't immediately be learned. Talks about Erebor began soon after the sudden collapse in 2023 of Silicon Valley Bank — once the go-to bank for tech startups and venture firms, sources said. SVB imploded after rising interest rates triggered a liquidity crunch that left clients unable to access their accounts and make payroll. The feds eventually moved in to guarantee deposits in order to avert a full-blown financial crisis. Advertisement Offering stablecoin deposits and support will allow Erebor to offer constant service even during bank holidays – providing flexibility for nimble startups, sources said. 5 Luckey is the founder of defense firm Anduril. Bloomberg via Getty Images Stablecoins have gained wider adoption in recent months as President Trump embraces a lighter regulatory approach toward digital currencies. Stablecoins are seen as a less volatile investment option than cryptocurrencies like bitcoin, which can experience major price swings during periods of market instability. Congress is close to passing the GENIUS Act, which would establish a regulatory framework for stablecoins. Luckey and his allies also are seeking an alternative to traditional fractional reserve banking – where banks deploy most of their client deposits while keeping only a relatively small amount in reserve at any given time. The group wants a conservative balance sheet and have considered imposing a maximum limit on loan-to-debt ratio, potentially in the ballpark of 50%, sources familiar with internal discussions said. 5 Joe Lonsdale is also backing Erebor. Bloomberg via Getty Images One concept under consideration is to offer a bank account with covenanted one-to-one deposits – meaning any assets stored at Erebor would be kept there untouched, the sources added. Advertisement The startup would mark another venture for Luckey, whose firm Anduril competes directly with traditional defense contractors like Lockheed Martin and Northrop Grumman. Anduril recently secured a $30.5 billion valuation in a round backed by Peter Thiel's Founders Fund. The name Anduril is another 'Lords of the Rings' nod, referencing the fan-favorite character Aragorn's sword. 5 Anduril recently secured a $30.5 billion valuation. Bloomberg via Getty Images Luckey sold Oculus VR to Facebook in 2014 for $2 billion. The tech entrepreneur was later controversially fired from Facebook in 2017 after he donated $10,000 to a pro-Donald Trump group. Advertisement In a major twist, Luckey recently ended his feud with Meta's Mark Zuckerberg. The pair announced that Meta and Anduril will team up to develop AI-powered augmented reality and virtual reality devices for use by the US military.
CNBC
10-06-2025
- Business
- CNBC
Anduril CEO Palmer Luckey says the defense tech company will 'definitely' go public
Defense tech startup Anduril Industries will go public, founder and CEO Palmer Luckey said Tuesday. "We are definitely going to be a publicly traded company," he told CNBC's "Closing Bell: Overtime." "We are running this company to be the shape of a publicly traded company." He added that there isn't "really a path" for a company like Anduril to win significant trillion-dollar defense contracts without going public. Luckey did not detail an IPO timeline. Since its founding, Anduril has risen to become one of the most highly valued private U.S. technology companies and is an innovator in the defense tech space, chipping away at competition from industry leaders Lockheed Martin and Northrop Grumman. The company, which ranked No.1 on the CNBC Disruptor 50 list this year, was created by Luckey in 2017 after he was pushed out by Meta. Luckey sold his virtual reality headset company Oculus to Facebook in 2014. Despite Luckey's ousting, the companies announced a joint partnership to create virtual and augmented reality devices for the U.S. Army last month. "I'm working with Meta because we've buried the hatchet and because there's a lot of incredible technology that they have, that paired with Anduril, can make a huge difference for the American war fighter," he said. Anduril has continued to scoop up funding despite a difficult deal environment that's just beginning to reopen for IPOs after a multi-year drought. Chairman Trae Stephens told Bloomberg last week that Anduril recently raised $2.5 billion at a $30.5 billion valuation. That more than doubles its valuation from a funding round in August led by Peter Thiel's Founders Fund. Anduril recently took over Microsoft's $22 billion augmented-reality headset program with the U.S. Army. The company also unveiled a partnership with OpenAI in December, and announced plans to invest roughly $1 billion in a manufacturing facility in Ohio earlier this year.
CNBC
10-06-2025
- Business
- CNBC
1. Anduril
Founders: Brian Schimpf (CEO), Palmer Luckey, Trae Stephens, Matt Grimm, Joe ChenLaunched: 2017Headquarters: Costa Mesa, CaliforniaFunding: $6.3 billionValuation: $30.5 billionKey Technologies: Artificial intelligence, autonomous vehicles, edge computing, explainable AI, generative AI, machine learning, robotics, software-defined securityIndustry: DefensePrevious appearances on Disruptor 50 list: 3 (No. 2 in 2024) Over the last year, Anduril has struck a series of deals that demonstrate the company's growth from a disruptive defense industry startup to one of the leaders in a critical sector. In April 2024, Anduril was one of two companies selected by the U.S. Air Force to build and test drone prototypes for the service's Collaborative Combat Aircraft program, the first in a new generation of uncrewed fighter aircraft, and a contract in which it beat out traditional defense stalwarts Boeing, Lockheed Martin and Northrop Grumman. And as defense moves into the AI era, Anduril has also been working more closely with the tech sector to create the military of the future. In December, Anduril partnered with fellow Disruptor 50 company OpenAI on deployment of an advanced AI system for U.S. counter-unmanned aircraft systems to be used in "national security missions." In February, Anduril took over Microsoft's multibillion-dollar Integrated Visual Augmentation System wearables program with the U.S. Army, a contract that was valued at nearly $22 billion. Then in May, Anduril teamed up with Meta to develop the VR and AR headsets for use by the U.S. Army as part of that program. "Anduril has a lot of traction," founder Palmer Luckey said in a CNBC interview in February. That traction has led to a rapid rise in the company's valuation. Last August, Anduril closed a Series F round, valuing the company at $14 billion and securing $1.5 billion in funding to build a more than five-million-square-foot factory, in addition to other investments in production across multiple states and in Australia. An announcement last week of a $2.5 billion Series G more than doubled that valuation to $30.5 billion, making it one of the most highly valued private tech companies in the U.S. It's hard to separate any one accomplishment from the rest for Anduril, but perhaps it's the company's push into the military headsets that signals the next era of disruption for the company but also takes things back full circle for Luckey, who sold his headset startup Oculus VR to Facebook for $2 billion in 2014, and was unceremoniously fired just a few years later. "Anduril builds a lot of different systems across a lot of different domains — so air, land, sea, subsea, space, cyberspace, and eventually subterranean," Luckey said in the February CNBC interview. "[Integrated visual augmentation systems] and systems like it are going to be the portal through which the warfighter commands and controls all of these different autonomous weapons and autonomous sensors." Luckey has spoken at length about his vision of putting such a tool in the hands of soldiers, in a vein that maybe still seems science fiction film and writing, but which he says will create a world that grants "not just the ability to see the thermal, visual and near IR spectrum, but the ability to see into a digital model of the past, present and future, and just seamlessly team with large packs of autonomous weapons." Of Anduril's deal with Meta, Luckey said, "Of all the areas where dual-use technology can make a difference for America, this is the one I am most excited about. My mission has long been to turn warfighters into technomancers, and the products we are building with Meta do just that." With technology, warfare and defense becoming more intertwined, and at a time of increased focus on efficient government budgets that Anduril's product-based model is based on, the company is clearly now one of the major players in a sector it set out to disrupt only a few years ago, and is perhaps even starting to chart a path well beyond the battlefield. "I'm a believer that we're going to mediate our view of the world with technology," Palmer told CNBC.
Yahoo
31-05-2025
- Business
- Yahoo
Week in Review: Perplexity Labs wants to do your work
Welcome back to Week in Review! We've got a ton of stories for you this week, including a new AI-powered browser from Arc; not one but TWO hacks; Gemini email summaries; and much more. Have a great weekend! Look out, Google: AI-powered search engine Perplexity released Perplexity Labs, which gives Pro subscribers a tool that can craft reports, spreadsheets, dashboards, and more. Perplexity Labs can conduct research and analysis using tools like web search, code execution, and chart and image creation to craft reports and visualizations. All in around 10 minutes. We haven't had a chance to test it, and knowing the shortcomings of AI, I'm sure not everything will come out flawlessly. But it certainly sounds pretty awesome. Luckey's luck: The feud between Oculus founder Palmer Luckey and Mark Zuckerberg appears to be over: The pair announced a collaboration between Facebook and Luckey's company Anduril to build extended reality (XR) devices for the U.S. military. The product family they're building is called EagleEye, which will be an ecosystem of devices. Not awesome: We don't definitively know whether AI is beginning to take over roles previously done by humans. But a recent World Economic Forum survey found that 40% of employers plan to cut staff where AI can automate tasks. That can't be good. This is TechCrunch's Week in Review, where we recap the week's biggest news. Want this delivered as a newsletter to your inbox every Saturday? Sign up here. Everyone's making a browser: The Browser Company said this week that it's considering selling or open sourcing its browser, Arc Browser, to focus on a new AI-powered browser called Dia. And it's not the only one! Opera also said it's building a new AI-focused browser, and Perplexity teased its browser, Comet, a few months ago. At last: iPad users, rejoice! You can now talk to all your international friends with the new iPad-specific version of WhatsApp. Meta says that users will be able to take advantage of iPadOS multitasking features, such as Stage Manager, Split View, and Slide Over. Oh, great: LexisNexis Risk Solutions, a data broker that uses personal information to help companies spot risks and fraud, reported a security breach affecting more than 364,000 people. A LexisNexis spokesperson told us that an unknown hacker accessed the company's GitHub account, and the stolen data includes names, dates of birth, phone numbers, postal and email addresses, Social Security numbers, and driver's license numbers. And another one: Hackers reportedly accessed the personal phone of White House chief of staff Susie Wiles, obtaining contact information used to impersonate her and contact other high-ranking officials. It seems that AI was used to impersonate her voice. Can it cook my meals? Gmail users no longer have to tap an option to summarize an email with AI. The AI will now automatically summarize the content when needed, without requiring user interaction. That means you have to opt out if you don't want Gemini summarizing your stuff. Billion with a B: General Catalyst has invested $1 billion into Grammarly, the 16-year-old writing assistant startup. Grammarly will use the new funds for its sales and marketing efforts, freeing up existing capital to make strategic acquisitions. In the heights: Tinder is testing a new feature that will allow people to add a "height preference" in their search for love. This isn't a hard filter, Tinder says, as it won't actually block or exclude profiles but instead inform recommendations. 10 years in the making: Carma Technology, which was formed in 2007 by SOSV Ventures founder Sean O'Sullivan, filed a lawsuit earlier this year against Uber, alleging the company infringed on five of its patents. The lawsuit is fairly new, but the allegations go back almost a decade. Error in retrieving data Sign in to access your portfolio Error in retrieving data
