Harvard University's investment arm reported a $2.2 billion SpaceX position in a regulatory filing, making it the largest individual stock holding disclosed in its $4.3 billion U.S. equities portfolio. The report says the stake reflects gains from early exposure to Elon Musk's rocket company before its June 12 initial public offering at $135 a share, a listing it says valued SpaceX at more than $1.8 trillion. The filing adds to evidence that university endowments including the University of California, the University of North Carolina and Washington University in St. Louis benefited from SpaceX's move into public markets, even as higher-education finances face pressure from uncertainty over federal research funding, demographic shifts and weaker private-equity returns. Quarterly filings cited in the report also identified Alphabet as the largest disclosed institutional holder, ahead of Fidelity Investments and Saudi Arabia's Public Investment Fund.