How to Invest in Anduril: Every Route, Explained

How to invest in Anduril is one of the most searched questions in defense tech, because the company sitting at the center of it is genuinely private. Anduril Industries, Palmer Luckey’s autonomous defense company, has raised over $10 billion, won a reported roughly $20 billion ten-year Army contract, and is building its Arsenal-1 manufacturing facility in Ohio for the Navy’s Ghost Shark submarine program. You cannot buy its shares on any exchange. That has not stopped investors from looking for the backdoor, and Banyan Hill’s Next Elon presentation, hosted by Matt Milner, is the latest and most concrete map of the routes in.

Our full Next Elon teardown covers the pitch in detail. This piece walks through the actual access options, honestly ranked.

Route One: The XOVR ETF

The cleanest legal answer for ordinary investors is XOVR, the ERShares Private-Public Crossover ETF, converted from the ENTR Entrepreneurs ETF in August 2024. ERShares publicly confirms Anduril is among its private holdings, alongside names like SpaceX. Anduril is not a top-10 position, and the private sleeve runs around 15% of the fund, so this is diluted exposure rather than a pure play. But it is real, purchasable exposure in any brokerage account, and Milner gives it away free in the video: “you can get this four-letter ticker symbol for free, no credit card needed, no email address to fill in, no strings at all… The first letter is X. The second letter is O. The third letter is V. The fourth letter is R.”

The presentation prices it around $50 a share at recording time. The honest framing is that XOVR is a diversified fund that happens to hold Anduril, not an Anduril proxy, and Milner says so himself: “XOVR isn’t exactly a pure play on Anduril.”

Route Two: The Supplier Layer

The actual paid thesis routes through the companies that sell into Anduril’s build-out. Milner’s pitch is that “the real 10x gains, the ones I’ve been telling you about, those will likely come from those who own a stake in the secret suppliers to Anduril, which you can buy into today.”

The supplier thesis has a real precedent in the Musk ecosystem: Arista Networks, Skyworks Solutions, and Cirrus Logic were the quiet component suppliers behind Apple and the data center build-out, and Milner’s historical stack has $10,000 into each of the three of them worth roughly $1.2 million today. His report, “How to 10X Your Money with the Secret Suppliers of Anduril,” names three current candidates: a battery maker for the Ghost Shark program, a defense systems firm with over $3 billion in revenue, and a military chip company he calls “the one chip maker to rule them all.”

The supplier logic is sound as a pattern. Whether these specific three names deliver is the research question, and that is what the $299 Grey Swan trial sells, with a 30-day full refund attached.

Route Three: Wait for the IPO

Anduril’s public debut is the event the whole pre-IPO story points toward. Milner’s urgency framing, “if you miss out on this you really might regret it for the rest of your life,” is anchored to a real structural fact: an IPO would end the pre-IPO entry window. There is no announced date; “when is Anduril going to IPO” remains an open question with no confirmed timeline, which is precisely why the backdoor routes get the attention.

The Clock Behind All Three Routes

Whatever route an investor picks, the timing question deserves a clear answer. The Banyan Hill presentation builds its case on Anduril’s documented momentum, and the record behind that momentum is checkable: Anduril has raised more than $10 billion across funding rounds, took over the Army’s IVAS headset program from Microsoft, won a reported roughly $20 billion, ten-year consolidated Army contract, and anchors the Navy’s multi-billion-dollar submarine industrial base investment tied to Ghost Shark production. Its Arsenal-1 hyperscale manufacturing facility in Ohio is real and under construction. Those are the facts that make the pre-IPO window feel urgent.

What the pitch concedes honestly is that the free route never closes on a timer. XOVR trades continuously in any brokerage account, and the presentation itself says you can buy it for around $50 at any time. The genuine deadline is the IPO itself: once Anduril lists, the “get in while it’s private” story ends, and the supplier picks get repriced however the market decides. Matt Milner’s framing is that the sweet spot is “when a new tech trend has already been proven to work but when it’s just starting to be commercialized.” That is a reasonable way to think about the window. It is not a reason to rush any single purchase, and the 30-day refund on the Grey Swan trial means the research decision carries less deadline pressure than the pitch implies.

What Checks Out and What Is Opinion

The verifiable core is strong: the contracts, the funding, the Arsenal-1 facility, the IVAS takeover, Founders Fund’s lead position, and XOVR’s Anduril holding are all documented. The interpretive layer, Anduril dominating defense the way Tesla dominated EVs, the suppliers capturing outsized gains, the 10x-in-12-to-24-months math, is Milner’s thesis. He hedges it reasonably well, including the unusually honest interrupter: “Now please don’t confuse revenue growth with profits. I’m not saying you’re gonna make 5,000 times your money.”

For broader context on the autonomous defense theme, our AI defense stocks piece covers the sector thesis, and the Behind the Markets Arsenal pitch covers a different defense supplier story from another publisher.

The bottom line on how to invest in Anduril: you cannot, directly, not yet. You can buy a slice of it inside XOVR today, you can research the supplier layer, or you can wait for the IPO and accept the repricing that comes with it. The Next Elon presentation is the most complete map of those routes we have reviewed, which is exactly why it is getting this much attention.

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