“How to 10x your money with the secret suppliers of Anduril” is the title of the paid report at the center of Matt Milner’s “The Next Elon Musk” presentation, and it is also the promise the entire pitch is built to sell. The report is not free. It sits behind a $299 trial of the Grey Swan Investment Fraternity, and it names the three companies Milner argues will ride Anduril’s growth to a 10x return. Here is what that phrase actually means, what the supplier thesis rests on, and what is marketing versus what is substance. We break down that angle in our The Secret Suppliers of Anduril: The Paid Picks piece.
Where the Phrase Comes From
The phrase appears as the title of the main report, and it follows a carefully staged pivot. Milner first gives away the free backdoor, XOVR, the ERShares Private-Public Crossover ETF that holds Anduril among roughly 30 other private names. Then he openly criticizes that freebie, pointing out that Anduril is not in the fund’s top 10 holdings and that private companies make up only about 15% of the fund. The “secret suppliers” are his answer to that problem: smaller, public companies that sell directly into Anduril’s production lines and would, in his telling, capture the concentrated upside the ETF cannot.
The Supplier Thesis
The logic borrows from a real historical pattern. Milner cites the suppliers that rode the Apple and Nvidia ecosystems to enormous gains, Arista Networks, Skyworks Solutions, and Cirrus Logic, arguing that the same dynamic will play out as Anduril scales. The presentation frames Anduril’s own trajectory with Palantir, whose software Milner credits with helping catch bin Laden, as proof that defense-tech winners can be among the market’s best performers. The thesis is coherent: if Anduril wins, the companies feeding it components win too.
The Three Clues
The three suppliers are not identified in the free presentation, only described. The first is a battery maker powering the Ghost Shark autonomous submarine, with revenue growing about 60% a year for seven straight years. The second is a defense-systems firm with over $3 billion in revenue and an $8.5 billion project backlog. The third is a military semiconductor company that pays a dividend, which Milner calls “mailbox money” for simply owning it. Those are clues, not conclusions, and identifying them is the work the paid report promises to do.
What Is Marketing
The 10x framing is the marketing layer. Milner’s headline promise, that every $1,000 could 10x in the next 12 to 24 months, is a projection dressed in confident language, even though the presentation is careful to qualify it with “I believe” and “could.” The supplier picks are small companies whose fortunes depend on Anduril’s growth continuing, which makes them concentrated bets rather than diversified ones. A real historical pattern does not guarantee that this specific set of suppliers repeats it.
For the full teardown of the pitch and its claims, read our complete Next Elon review. For the broader AI-defense trade, see our AI defense stocks piece, and for another supplier-driven defense pitch, see our Arsenal defense-stock review.
Why Suppliers Can Outperform the Customer
The reason suppliers can outperform the customer they serve rests on a real quirk of markets: a small supplier’s stock can move far more on a big new order than a giant customer’s stock moves on the same order. When a small battery maker wins a contract to power a fleet of submarines, that contract can be a meaningful fraction of its entire revenue, which moves the stock; when the same contract lands at a tens-of-billions customer, it is a rounding error. That is the dynamic behind the Apple and Nvidia supplier examples Milner cites, and it is why the supplier playbook has a real track record. The flip side is that the same math runs in reverse. A small supplier is more fragile if the customer delays orders, cancels a program, or switches vendors, and there is no diversified cushion to absorb the hit. Milner’s own framing is honest about this tension, quoting the supplier precedents as proof the pattern works while quietly acknowledging that nothing is guaranteed. Concentration is what creates the upside, and it is also what creates the risk.
Our Take
The supplier thesis is the most legitimate part of this presentation, because it rests on a real, repeatable pattern, the way ecosystem suppliers can compound alongside a dominant customer. Anduril is a real company with a real contract trail, and if it scales the way Milner projects, its suppliers stand to benefit. The honest caveat is that the 10x number is a target, not a fact, and the three companies behind the paywall are exactly the kind of small, concentrated names that can fall as fast as they rise. The pattern is real; the multiple is a hope.
Ready to see the research? Click here to access Matt Milner’s report.
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