“How to invest in Anduril pre-IPO” is the exact question Matt Milner’s “The Next Elon Musk” presentation is built to monetize, and the truthful answer is more nuanced than the pitch lets on. There are three real routes to pre-IPO exposure, each with a different risk profile, and only one of them is available to an ordinary retail investor without accreditation. Here is what each route actually involves, and where the pitch sits among them. The details are in our Matt Milner: Banyan Hill’s Pre-IPO Pitch Man article. For the full backstory, see our The Secret Suppliers of Anduril: The Paid Picks article.
Route One: Accredited Private Investing
The most direct route is also the least accessible. Because Anduril is private, its shares are bought and sold through private funding rounds open only to accredited investors, a legal category tied to income or net-worth thresholds. If you qualify, you could pursue access through a fund or a platform that participates in late-stage private rounds. If you do not qualify, which describes most retail investors, this route is simply closed to you, and no presentation can change that.
Route Two: The Free Backdoor
The route Milner gives away for free is XOVR, the ERShares Private-Public Crossover ETF. It holds Anduril alongside roughly 30 other private companies such as SpaceX, trades in any regular brokerage account for around $50 a share, and was converted from the ENTR Entrepreneurs ETF in August 2024. The honest caveat, which Milner states himself, is that XOVR is a diversified fund rather than a pure play: Anduril is not in its top 10 holdings, and private companies make up only about 15% of the fund. It is pre-IPO-style exposure with a small Anduril sliver.
Route Three: The Supplier Bets
The third route is the one behind the paywall. Rather than owning Anduril, you own the smaller public companies that supply it, the battery maker, defense-systems firm, and military semiconductor company Milner teases with clues but holds back for his $299 report. This is the concentrated way to bet on Anduril’s growth, and it carries the most company-specific risk, since these are small names whose fortunes depend on Anduril’s trajectory continuing.
For the full teardown of the presentation, its claims, and the free ticker, read our complete Next Elon review. For another take on the pre-IPO theme, see our OXF AI IPO review, and for the broader defense-tech trade, see our AI defense stocks piece.
The Accreditation Wall
Before weighing the three routes, it helps to understand why the direct one is closed to most people. Under securities law, buying shares in a private company like Anduril is generally limited to accredited investors, a category defined by income and net-worth thresholds that most retail investors do not clear. This is not a hurdle a newsletter can remove; it is the legal reality that makes “pre-IPO” a scarcity in the first place. If anyone could buy private shares, the pre-IPO premium would not exist.
That wall is what gives the presentation its shape. Milner cannot sell you Anduril directly, and he says so, so he sells you the closest available substitutes: a diversified ETF for broad exposure, and a basket of supplier stocks for concentrated exposure. The honest thing to notice is that neither of these is the same as owning Anduril. They are approximations, each with its own gap between what you buy and what you actually want.
For a retail investor, the practical question is which approximation best fits the goal. Broad exposure through XOVR gives you a little Anduril inside a lot of other private names, which is safer but diluted. Concentrated exposure through the suppliers gives you more upside if Anduril keeps winning, but more company-specific risk if it does not. The presentation is candid about this tradeoff, which is more than most promos offer, but the candor does not change the fact that every route is a substitute for the direct position you cannot take. The accreditation wall also explains the urgency in the pitch, since the value of the offer depends on the pre-IPO window staying open, and the fear that it will close is what drives the call to act.
Our Take
The three routes are real, but they are not equal. Accredited investing is closed to most, the free backdoor is real but diluted, and the supplier bets are concentrated and risky. Milner’s presentation is most valuable when it is candid about this hierarchy, which it largely is, pointing out the ETF’s limits before pivoting to the paid picks. The honest takeaway is that pre-IPO exposure to Anduril is possible today, but only indirectly, and the degree of concentration you accept is the real decision in front of you.
Ready to see the research? Click here to access Matt Milner’s report.
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