In June 2020, the Senate Select Committee on Intelligence unveiled the Unidentified Aerial Phenomena Task Force (UAPTF) at the Office of Naval Intelligence—a successor to the Advanced Aerospace Threat Identification Program (AATIP). This paper dives down the rabbit hole with Defense Department insiders, scientists, and declassified material to find answers to a host of questions: Are mystery craft near-peer adversary platforms or exotic US platforms? What is the technology behind them? What kind of threat do they pose? What are the geostrategic implications? And what are we not being told?