Harvard’s endowment fund held a $2.2 billion stake in SpaceX as of its most recent regulatory filing, representing 51% of its U.S. equity portfolio. The disclosure, made public on Tuesday, highlights the university’s substantial exposure to the private aerospace company led by Elon Musk.
The filing did not specify the timing of the investment or whether additional purchases have been made since the last reporting period. Harvard Management Company, which oversees the university’s $50 billion endowment, did not respond to requests for comment.
SpaceX’s valuation has surged in recent years, driven by growth in its satellite internet division, Starlink, and contracts with NASA and the U.S. Department of Defense. The company’s latest funding round in 2022 valued it at $137 billion, though private market valuations can fluctuate based on investor sentiment and market conditions.
The endowment’s heavy weighting toward a single private company contrasts with traditional diversification strategies employed by institutional investors. Harvard’s allocation underscores its confidence in SpaceX’s long-term prospects, despite the inherent risks associated with private equity investments.
Regulatory filings for endowment disclosures typically lag by several months, meaning the actual size of Harvard’s stake may have changed since the reported figures. The university’s investment in SpaceX was first disclosed in 2021, when it was valued at approximately $1.5 billion.
Harvard’s endowment has historically favored venture capital and private equity, with significant holdings in technology and healthcare. The SpaceX stake is now its largest single U.S. equity investment, surpassing allocations to other high-profile private companies.
