Anduril Stock: What It Is, and How to Buy Exposure

Anduril stock is a search term with a catch: there is no Anduril stock. Palmer Luckey’s defense company is private, with no announced IPO date, so the ticker does not exist. What does exist is a fast-growing company with a documented contract base, one real fund that holds it, and a supply chain of publicly traded companies selling into its build-out. Banyan Hill’s Next Elon presentation, hosted by Matt Milner, is one of the more concrete walks through those options, and it is worth understanding what is real inside it.

Our full Next Elon teardown has the complete breakdown. Here is the investor’s view.

What Anduril Actually Is

Anduril Industries, founded in 2017, builds autonomous defense systems: surveillance towers, the Roadrunner interceptor drone, the Fury autonomous aircraft, Lattice software that fuses sensor data, and the Ghost Shark autonomous submarine now slated for production at the Arsenal-1 facility in Ohio. The funding and contract trail is unusually strong for a private defense company:

  • Over $10 billion raised across funding rounds
  • A reported roughly $20 billion, ten-year U.S. Army contract
  • The Navy’s multi-billion-dollar submarine industrial base investment tied to Ghost Shark
  • The IVAS headset program takeover from Microsoft
  • A Roadrunner order in the hundreds of millions

That is the company Milner builds “the next Elon Musk” framing around, and unlike most newsletter protagonists, Anduril is named outright with verifiable detail. The founder story, from the $2 billion Oculus sale to the Pentagon, is one of the better-documented narratives we have reviewed; the Financial Times calls him “Silicon Valley’s Oppenheimer.”

The Fund That Holds It

The single most actionable item in the presentation is XOVR, the ERShares Private-Public Crossover ETF. ERShares converted its Entrepreneurs ETF into XOVR in August 2024 and publicly confirms Anduril among its holdings. Milner spells the ticker out free in the video and prices it around $50 at recording time.

The caveats he volunteers himself are worth repeating, because they are more honest than the genre norm: “XOVR isn’t exactly a pure play on Anduril… Anduril isn’t even in the fund’s top 10 holdings. In fact, private companies only make up 15% of the fund itself.” There is also a structural quirk he flags: the fund manager controls when private positions exit, so “what if they decide to sell their shares early?… There goes what little stake you had.”

As a diversified fund with an Anduril sliver, XOVR is a legitimate way to hold a piece of the story. As a bet on Anduril specifically, it is diluted by design.

The Supplier Thesis

The paid research routes the high-upside claim through Anduril’s suppliers, following the pattern that Arista Networks, Skyworks, and Cirrus Logic quietly returned fortunes behind the Apple and data-center booms. Milner’s report names three current candidates: a battery maker whose product rides in every Ghost Shark submersible, a defense systems firm with over $3 billion in revenue and an $8.5 billion backlog, and a military chip company paying a dividend.

The supplier pattern is historically real, which is what makes the thesis interesting. The specific picks are gated behind the $299 Grey Swan trial, which includes a 30-day full refund. Milner’s scenario math runs to “an increase of almost 13,000%” in the most aggressive case, and he includes his own interrupter against over-reading it: “please don’t confuse revenue growth with profits.”

The IPO Question

The obvious way to buy Anduril stock, waiting for the listing, has no date attached. Milner’s pitch leans on that uncertainty as urgency: “if you miss out on this you really might regret it for the rest of your life.” The honest read is that an IPO would end the pre-IPO story, but there is no announced window, and the pre-IPO exposure available today (XOVR) is modest by construction. The full Next Elon teardown maps every route in detail.

The Sector Context

Anduril sits at the front of a broader re-rating of defense tech. Palantir, the closest public precedent, was 2024’s best-performing S&P 500 stock, and the One Big Beautiful Bill directed new money toward military AI, including $450 million for AI-powered naval ships and $150 million for AI drones. Our AI defense stocks coverage goes deeper on the sector, and the Behind the Markets Arsenal review covers a parallel defense supplier pitch from another publisher.

The bottom line on Anduril stock: it does not exist yet, the company behind the name is real and well-contracted, and the exposure routes today are a diluted ETF and a research-gated supplier list. Both are worth knowing about before any IPO announcement makes the decision for you.

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