“How to invest in Anduril Industries” is the question every viewer of Matt Milner’s “The Next Elon Musk” presentation ends up asking, and the honest answer has three parts, only one of which is available to most people today. Anduril is a private company, so there is no ticker to buy and no direct stake for a retail investor. But there are indirect routes, and the presentation exists to point you toward them. Here is the realistic map of how to get exposure to Anduril right now. We break down that angle in our How to Invest in Anduril Pre-IPO: Three Routes piece. There is more on this in our When Is Anduril Going to IPO? What’s Confirmed article.
The Direct Route Is Closed
The first thing to understand is that you cannot buy Anduril stock today, because Anduril stock does not exist in public form. The company is owned by its founder, Palmer Luckey, its employees, and a small circle of venture backers like Peter Thiel’s Founders Fund and Andreessen Horowitz. Direct investment in the company is limited to accredited investors participating in private funding rounds, which most people reading this are not. There is no IPO date announced, so there is no way to know when, or if, a public listing arrives.
The Free Backdoor: XOVR
The route Milner gives away for free is XOVR, the ERShares Private-Public Crossover ETF. This is a real, purchasable exchange-traded fund that holds Anduril alongside roughly 30 other private companies such as SpaceX, and it trades in any regular brokerage account for around $50 a share. It was converted from the ENTR Entrepreneurs ETF in August 2024. The key caveat, which Milner states himself, is that XOVR is not a pure Anduril play: Anduril is not in the fund’s top 10 holdings, and private companies make up only about 15% of the fund. It is broad exposure with an Anduril sliver, not a direct stake.
The Supplier Route
The third route is the one behind the paywall. Instead of buying Anduril, you can buy the smaller public companies that supply it, the “secret suppliers” Milner holds back for his paid report. These are the battery maker, defense-systems firm, and military semiconductor company he teases with clues, and they are the concentrated way to bet on Anduril’s growth without buying Anduril itself. This route carries more upside potential, but also more company-specific risk.
For the full breakdown of the presentation, its claims, and the free ticker, read our complete Next Elon teardown. For the pre-IPO theme more broadly, see our OXF AI IPO review, and for the broader defense-tech trade, see our AI defense stocks piece.
The Accreditation Question, Explained
The single biggest source of confusion in the “how to invest” question is the accreditation rule, so it is worth spelling out plainly. Under securities law, direct investment in a private company like Anduril is generally limited to accredited investors, a status tied to income or net-worth thresholds, and most retail investors do not meet it. That is not a rule any presentation can waive; it is the law, and it is the reason the direct route is closed to the audience Milner is addressing. The consequence is that the pitch leans on indirect routes instead, and both are public securities anyone can buy.
XOVR is the workaround for the retail investor, because a crossover ETF trades like any other fund in a regular brokerage account. The supplier stocks are the other workaround, since they are public companies with their own tickers. Neither route gets around accreditation; both routes let you skip the need for it. The tradeoff is control. An accredited investor can own Anduril directly and know exactly how much of the company they hold. A retail investor using XOVR owns a sliver inside a diversified fund, and a retail investor using the supplier stocks owns a bet on Anduril’s ecosystem rather than Anduril itself.
The practical upshot is that “how to invest in Anduril” is really three different questions. If the question is how to own Anduril directly, the answer is you probably cannot, not without accreditation. If the question is how to get broad exposure to private technology with a small Anduril sliver, the answer is a crossover ETF like XOVR. If the question is how to bet on Anduril’s growth through the companies that supply it, the answer is the supplier names behind the paywall. Each answer carries a different risk profile, and the presentation is most useful when it keeps the three apart rather than blurring them together.
Our Take
There are realistically three ways to invest in Anduril today: be an accredited investor in a private round, buy the diversified XOVR ETF for a diluted sliver of exposure, or buy the supplier names behind the paywall for a concentrated bet. Each carries a different risk profile, and the presentation is unusually honest about the tradeoff between the first two. The right choice depends on whether you want broad exposure that happens to include Anduril, or a concentrated wager on the ecosystem around it.
Ready to see the research? Click here to access Matt Milner’s report.
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