Harvard Management Co., which oversaw $57 billion as of June 2025, disclosed a $2.2 billion SpaceX position in a 13F filing, making the rocket company the largest single stock reported within the university endowment's $4.3 billion U.S. equity portfolio. The stake shows how early private-market exposure to SpaceX, now valued at more than $1.8 trillion after its June 2026 IPO, has boosted returns for university investors; the University of California's investment arm separately reported a holding worth about $1 billion, while the University of North Carolina and Washington University in St. Louis have also benefited. SpaceX shares, which debuted at $135, fell 0.9% on Friday to close at $140 after volatile post-listing trading. The gains arrive as U.S. universities face pressure from threats to federal research funding, demographic declines in college-age students and softer private-equity returns. Endowments with more than $500 million returned a median 18.9% before fees in the year ended in June, according to Wilshire.