Harvard reveals $2.2B SpaceX stake, spotlighting endowment windfall from Musk's rocket company IPO

Harvard University's investment arm disclosed a $2.2 billion stake in SpaceX on Friday, offering a window into the windfall that early university backers of Elon Musk's rocket company are capturing after its blockbuster June initial public offering.

Harvard Management Co. reported the position in a quarterly securities filing, making SpaceX the largest single U.S. equities holding in its roughly $4.3 billion domestic equity portfolio. The firm oversaw about $57 billion in endowment assets as of June 2025.

The disclosure is striking because it comes at a time when university finances are facing pressure from uncertainty over federal research funding, a shrinking pool of college-age students and weaker returns from private equity. Public-market gains from a company now valued at more than $1.8 trillion can help ease some of that strain.

SpaceX's IPO was one of the most anticipated listings of the year, and it delivered significant gains for endowments that had gained exposure to the company through venture capital investments, in some cases more than a decade ago. SpaceX shares have fluctuated since the company debuted at $135 per share. The stock fell 0.9% Friday to close at $140.

Harvard is not alone among universities to benefit. The University of California's investment arm disclosed a stake worth roughly $1 billion in a filing this week, while the University of North Carolina and Washington University in St. Louis also held positions in SpaceX.

Harvard's disclosed position may include shares owned directly as well as stock distributed to the university through private investment funds. Harvard Management Co. and SpaceX did not immediately respond to FOX Business' requests for comment.

Large endowments have still posted strong results overall. Funds managing more than $500 million returned a median 18.9% before fees for the year ended in June, according to the Wilshire Trust Universe Comparison Service.

Investment managers with more than $100 million in U.S. equities generally must submit Form 13F within 45 days after the end of each quarter, providing a snapshot of their holdings in securities traded on U.S. exchanges.