The holding was revealed in Harvard's latest 13F filing, submitted on Friday, August 14. The disclosure makes Space Exploration Technologies, better known as SpaceX, the largest individual stock position listed in the filing.
Harvard reported holding approximately US$4.3 billion in US equities, with the SpaceX investment accounting for a substantial portion of that portfolio. The university's endowment was valued at about US$57 billion as of June 2025, the latest publicly available figure.
SpaceX Investment Delivers Major Gains
Harvard's investment highlights how university endowments have benefited from gaining exposure to SpaceX before its valuation surged.
The company's record-breaking initial public offering in June significantly increased the value of stakes held by investors that gained access through venture capital and private investment funds, in some cases more than a decade ago.
Harvard is not alone among major universities benefiting from the company's rapid rise. The University of California's investment arm disclosed a SpaceX position worth roughly US$1 billion in a filing this week. The University of North Carolina and Washington University in St. Louis are also among institutions that have benefited from exposure to the company.
Harvard's reported position could include shares owned directly by the university as well as interests distributed to it through private investment funds.
Patrick McKiernan, a spokesman for Harvard Management, declined to comment on the university's individual investments.
SpaceX Valuation Surges
The value of Harvard's SpaceX holding comes as the rocket company has reached an extraordinary valuation of more than US$1.8 trillion.
The company's strong performance could provide a significant boost to university endowments at a time when many US higher-education institutions are facing mounting financial pressures.
Universities are contending with uncertainty surrounding federal research funding, demographic changes that are reducing the number of college-age students and relatively subdued returns from some areas of private equity.
Against that backdrop, investments in high-growth private companies such as SpaceX could become particularly valuable sources of returns for institutions with access to them.
According to the Wilshire Trust Universe Comparison Service, endowment funds with more than US$500 million generated a median return of 18.9% before fees in the year ended in June.
SpaceX Shares Remain Volatile
Despite its enormous valuation, SpaceX's shares have experienced some movement since the company debuted at US$135.
The stock fell 0.9% on Friday, closing at US$140, according to the filing-related market data.
The disclosure also illustrates the importance of regulatory filings in providing a glimpse into the investment strategies of large institutional money managers.
Under US securities rules, money managers overseeing more than US$100 million in US equities are required to submit a 13F filing within 45 days of the end of each quarter. The filing provides a public record of their holdings in stocks traded on US exchanges.
For Harvard, the SpaceX disclosure offers a rare look at the potential scale of the university's exposure to one of the world's most valuable and closely watched private-sector technology companies.