The Free Backdoor

Matt Milner’s “The Next Elon Musk” presentation does something most pitches in this genre avoid: it names its target company outright and hands over a purchasable backdoor ticker for free. The company is Palmer Luckey’s Anduril, the defense-tech firm drawing Tesla comparisons for its contract momentum, and the free ticker is XOVR, the ERShares Private-Public Crossover ETF, which holds Anduril in a roughly 15% private sleeve. The real pitch, though, sits one layer deeper: the three secret suppliers to Anduril, gated behind the $299 order form. Our full Next Elon teardown covers the whole presentation. The details are in our Who Owns Anduril Industries? The Cap Table, Mapped article.

What the Supplier Clues Reveal

The three suppliers are not named in the video, but Milner gives a trio of fingerprints for each. Supplier one is a tiny battery maker powering the autonomous submersible fleet, with revenue growing roughly 60% a year for seven straight years. Supplier two is a defense-systems firm with more than $3 billion in revenue and an $8.5 billion project backlog. Supplier three is a military semiconductor company endorsed across the Navy, Army, Marine Corps, and DoD that pays a dividend Milner calls “a little mailbox money.”

These are the Ticker Revealer’s job to identify, not ours to confirm from the video alone, but the shape of the basket tells you the thesis: power, platform, and silicon, the three things every autonomous system needs. The precedent argument is the familiar Apple and Nvidia playbook, Arista Networks, Skyworks Solutions, and Cirrus Logic as the historical supplier runs that minted fortunes.

Why the Thesis Is Credible

The macro case has real weight. Anduril’s contract trail is documented, the Arsenal-1 manufacturing facility in Ohio, the Navy’s Ghost Shark program, the IVAS headset takeover from Microsoft, and a consolidated Army contract reported near $20 billion over ten years. Peter Thiel’s Founders Fund is a genuine lead backer, and Andreessen Horowitz is a major investor. The “Autonomous Warfare Everywhere” framing, that decades-long defense procurement cycles are being replaced by faster AI-driven systems, is a legitimate structural shift. Our Palmer Luckey profile and Anduril stock explainer dig into both.

Milner also earns points for candor about his own free recommendation. He openly says XOVR is not a pure play, that Anduril is not even in the fund’s top ten holdings, and that private companies make up only 15% of the fund. That is the rare promo that critiques its own teaser before pivoting to the paid product.

The Honest Risks

The concentration risk is the big one. These supplier picks are small companies whose fortunes depend on Anduril’s growth continuing, which is a sector bet with policy risk in both directions. The “10x in 12 to 24 months” framing is aggressive, and Milner hedges it with “I believe” and “could,” which is proper, but the numbers are still the numbers. The Buffett attribution, a claim that Berkshire put $185 million into AI defense, is presented without a source and does not match any widely reported position.

For readers who want exposure without paying, the XOVR ETF explainer walks through exactly what that $50-a-share fund does and does not give you.

The Bottom Line

Anduril is a real company with a documented contract trail, and its supplier ecosystem is a genuine way to play defense tech without accreditation requirements. XOVR is the free, diversified version; the three secret suppliers are the concentrated bet. Both are legitimate, but they carry very different risk profiles, and the honest move is to understand that difference before you put capital on either side of it. The details are in our Defense Tech Stocks: The Anduril Supply Chain Play article.

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