Harvard University’s endowment returned 27.1% in fiscal 2026 and was valued at $68 billion on June 30, as SpaceX and AI-linked investments helped drive strong results across higher education. Harvard Management Company CEO N.P. "Narv" Narvekar said the return came primarily from venture capital, public equities and hedge funds. An August regulatory filing disclosed a $2.2 billion direct stake in SpaceX. The University of North Carolina system returned 37.8%, Washington University in St. Louis 37.3% and Stanford’s main investment vehicle 31.7%, while the Massachusetts Institute of Technology gained 10.3%. Preliminary Cambridge Associates data put the median U.S. college and university endowment return at 16.1%; a reference portfolio of 70% global equities and 30% high-quality U.S. bonds gained 17.9%. Harvard reported $6.7 billion in revenue and a $100 million operating surplus, with expenses down more than 2%. Its $2.6 billion endowment distribution approached 40% of operating revenue, but the university says smoothing means investment gains support operations gradually through future payouts. From fiscal 2027, the federal excise tax on Harvard’s net investment income rises from 1.4% to 8%; the university estimates an annual cost of roughly $300 million, with the amount varying according to market performance. Harvard’s fiscal 2026 report also listed a record $1.5 billion in donations, including $684 million in current-use gifts, and the university has faced federal pressure over diversity commitments and other issues. SpaceX debuted on Nasdaq in June in an offering designed to raise $75 billion at a $1.77 trillion valuation.