Harvard Management Company disclosed in its 13F report that it holds 12.9351 million shares of SpaceX, valued at $2.21 billion.

This position accounts for 51.9% of its disclosed U.S. stock assets of approximately $4.3 billion, making it the largest single holding, far exceeding positions in TSMC at about $350 million, Cerebras, Amazon, and Nvidia. The report's cutoff date is June 30, 2026, by which time SpaceX had completed the largest IPO in history on June 12 at $135 per share.

Previously a private company, SpaceX's holdings were long hidden in private equity accounts, only to be publicly disclosed after its IPO. Harvard's overall endowment fund was approximately $57 billion as of June 2025, with the public U.S. stock portion doubling to about $4.26 billion due to this position.

The University of California system also disclosed a position of about $1 billion in SpaceX; the University of North Carolina system's position accounts for about 10% of its endowment; and Washington University in St. Louis holds a position of 14%-16%. Several universities entered early through venture capital and joint investments, with valuations still in the hundreds of millions.

After its IPO, SpaceX's stock price peaked at about $225 before falling back to around $140, with Harvard's position corresponding to about $1.81 billion at the latest closing price. The company's second-quarter revenue was $7.81 billion, a 92% year-over-year increase, exceeding Wall Street expectations.

Market mechanisms indicate this is an event-driven transition from private to public disclosure, rather than a secondary market chase. Permanent capital endowments do not face daily redemption pressures and can lock funds into illiquid assets for over ten years to gain liquidity premiums; public and hedge funds are constrained by quarterly rankings and redemptions, making it difficult to hold equivalent positions. The early VC path allows university funds to capture the complete leap from startup to trillion-dollar valuation, benefiting long-term holders while pressuring capital forced to chase short-term liquidity.

Source: Public Information