XOVR is the free ticker at the center of Matt Milner’s “The Next Elon Musk” presentation, and it is one of the rare cases where a teaser’s free “giveaway” is a real, purchasable security rather than a fiction. It trades for around $50 a share, and Milner spells it out letter by letter in the video, no email wall required. The important part, though, is not the price. It is what the fund actually holds, because XOVR is an ETF, not a pure Anduril play, and the distinction is the whole point of the pitch. We break down that angle in our XOVR Price: Tracking the Private-Public Crossover ETF piece.
What XOVR Actually Is
XOVR is the ERShares Private-Public Crossover ETF, a fund designed to hold a mix of public and private companies, including some of the biggest private names in technology. It was converted from the ENTR Entrepreneurs ETF in August 2024, and among its private holdings are Anduril and SpaceX, alongside a broader sleeve of roughly 30 private names and a larger allocation to public companies. The “crossover” in the name refers to exactly that blend: private companies you normally could not buy, packaged inside a fund you can.
The Price and What It Means
At around $50 a share, XOVR is cheap enough for any retail investor to buy in a regular brokerage account, which is why Milner emphasizes the price zone in the video. The price itself, though, is just the entry point. An ETF’s share price is not a measure of its value in the way a single stock’s price can be; what matters is the underlying holdings and their weightings. The relevant question for an Anduril investor is how much Anduril you actually get for your $50.
How Much Anduril Is Actually in It
Here is the part Milner is unusually honest about. Anduril is not in XOVR’s top 10 holdings, and private companies as a whole make up only about 15% of the fund. That means your $50 buys a diversified fund with a small Anduril sliver, not a concentrated stake. Milner states this plainly in the presentation, even spelling out the risk that the fund could sell its private shares early and shrink whatever sliver you had. That candor is rare, and it is the reason the pitch then pivots to the paid “secret suppliers.”
Why the Pitch Pivots Away From It
The pivot is the real story. After giving away XOVR for free, Milner turns on it, arguing that the concentrated 10x gains will come from the suppliers feeding Anduril’s production lines, not from a diversified ETF. Those suppliers are held back behind a $299 trial of the Grey Swan Investment Fraternity. So XOVR functions as the credible, free proof that the pitch is not a fiction, while the paid report is where the actual thesis lives.
For the full teardown of the presentation and its claims, read our complete Next Elon review. For the broader pre-IPO theme, see our OXF AI IPO review, and for the defense-tech angle, see our AI defense stocks piece.
What Moves the XOVR Price
Because XOVR is an ETF, its price moves for reasons that have little to do with Anduril alone. The fund’s private holdings are revalued periodically rather than tick by tick, which means the day-to-day price is driven mostly by the public portion of the portfolio and by the overall market’s appetite for growth names. That is a subtle but important point: you can watch the XOVR price move on a given day and it may say nothing at all about Anduril’s business. The Anduril exposure is one small input into a much larger machine. Milner’s presentation leans on the $50 price zone as a proof point, and that is fair, but the price itself is not a signal about the fund’s private sleeve. It is just the entry ticket to a diversified basket. If your goal is specifically Anduril exposure, the honest conclusion is that the XOVR price only matters as the cost of admission, and the real question is whether the diluted sliver inside the fund is enough to satisfy what you are actually trying to buy.
Our Take
XOVR is a genuine, purchasable backdoor into the private-tech space, and at around $50 a share it is accessible to almost anyone. But it is a diversified crossover fund, not an Anduril proxy, and the honest investor should value it as such: broad exposure with a small private sleeve that happens to include Anduril. The presentation is upfront about this, which is to its credit. Whether that diluted exposure is enough, or whether you prefer the concentrated supplier bets behind the paywall, is the real decision.
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