Private investors are piling into Peter Thiel-backed Erebor, turning it into one of the biggest gainers tracked by Forge Global.

According to Forge data, Erebor’s shares have jumped 659% in one year. The surge puts Erebor among the fastest-rising private companies on Forge’s marketplace, highlighting investor demand for businesses positioned around the next wave of technology growth.

By comparison, OpenAI shares have also climbed on Forge’s private marketplace, but at a far slower pace. Forge data shows OpenAI’s share price hit 117% over the same time period, underscoring the size of Eerebor’s move relative to one of the world’s most closely watched private companies. 

OpenAI Builds The Intelligence. Erebor Wants To Finance It

The contrast highlights how private market investors are increasingly looking beyond the biggest AI names and rewarding companies positioned to support the broader technology ecosystem.

Founded by a group of technology investors and backed by Thiel’s Founders Fund, Erebor was created to serve venture-backed companies operating in emerging industries including artificial intelligence, defense technology, cryptocurrency and manufacturing.

Erebor’s rapid private market appreciation reflects growing investor confidence that specialized financial institutions could become increasingly important as AI startups scale, raise larger funding rounds and require more sophisticated banking services.

The company raised a $175 million Series A round in late 2025 at a valuation of approximately $2.3 billion, according to Forge data. 

Erebor’s backers include some of Silicon Valley’s most prominent venture investors, reflecting confidence that specialized banking could become increasingly important as startups grow larger and require more sophisticated financial services. The company has attracted support from investors including Founders Fund, Andreessen Horowitz and 8VC, firms that have also placed major bets across AI, defense technology and fintech.

While OpenAI and Anthropic have captured investor attention as AI’s headline winners, Erebor’s rally shows capital is spreading to the companies enabling the AI economy — from financial infrastructure to critical services.

The rally suggests investors believe the next generation of technology giants will need a new financial backbone — and they are already placing bets on who will build it.

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