“The secret suppliers of Anduril” is the phrase Matt Milner uses to describe the three companies behind his paid report, and it is the true center of gravity in “The Next Elon Musk” presentation. The free ticker, XOVR, is the appetizer. The suppliers are the main course, and they are deliberately kept secret behind a $299 trial of the Grey Swan Investment Fraternity. Here is what the phrase means, what clues the presentation drops, and how to think about the picks before you pay. Our How to 10x Your Money With Anduril’s Secret Suppliers explainer covers this in detail. Our When Is Anduril Going to IPO? What’s Confirmed explainer covers this in detail.
Where the Phrase Appears
The phrase appears in the title of the main report and marks the pivot in the presentation. 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 turns on 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: public companies that sell directly into Anduril’s production lines and, in his telling, capture the concentrated upside the ETF cannot.
The Supplier Precedent
The thesis rests on a real historical pattern. Milner cites the trio of Arista Networks, Skyworks Solutions, and Cirrus Logic, suppliers that rode the Apple and Nvidia ecosystems to enormous gains, and he frames Anduril’s trajectory through Palantir, whose software he credits with helping catch bin Laden. The argument is coherent: when a dominant customer scales, the smaller companies feeding it components can compound even faster. That pattern is real, and it is the strongest part of the presentation.
The Three Clues
The suppliers themselves are not named in the free video, only described with a trio of clues each. 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 the names is the job the paid report promises to do.
How to Think About the Picks
The honest way to think about the suppliers is as concentrated, ecosystem-dependent bets. They are smaller companies whose fortunes depend on Anduril’s growth continuing, which makes them higher-risk than a diversified ETF, even one with a diluted Anduril sliver. The upside argument is real, but so is the downside, and the presentation’s own language, heavy on “I believe” and “could,” reflects that. A real pattern does not guarantee that these specific names repeat it.
For the full teardown of the presentation 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.
How to Vet a Supplier Bet
If you decide the supplier thesis is worth pursuing, there is a short checklist that matters more than the 10x headline. First, look at how much of a supplier’s revenue actually comes from the customer in question, because a company can be a “supplier to Anduril” and still depend on it for only a rounding error of sales. Second, look at whether the supplier has other customers, since a diversified supplier survives a slow quarter from any one client, while a captive one does not. Third, look at the balance sheet and the dividend claim, because a dividend is only sustainable if the underlying cash flow supports it. The presentation’s three clues, the battery maker with fast growth, the defense firm with a big backlog, and the semiconductor company that pays a dividend, give you enough to form hypotheses but not enough to confirm names, which is precisely the gap the paid report is designed to fill. The honest position is that these clues point toward real companies, and the pattern they describe is genuine, but a clue is not a thesis, and the confirmation step is the one the $299 is asking you to pay for.
Our Take
The secret suppliers are the real product here, and the supplier thesis is the most defensible part of the presentation, because it rests on a repeatable ecosystem pattern. Anduril is real, its contract trail is verifiable, and if it scales the way Milner projects, its suppliers stand to benefit. The honest caveat is structural: these are small, concentrated names, and the 10x framing is a target, not a fact. The pattern is genuine; the multiple is a hope, and the names only reveal themselves after you pay.
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