Harvard University’s endowment has disclosed a $2.2 billion stake in SpaceX, making Elon Musk’s aerospace and technology company the largest single stock holding in the university’s publicly reported U.S. equity portfolio.
Harvard Management Company, which manages the university’s endowment, reported holding about 12.94 million SpaceX shares as of June 30, according to its latest 13F filing. The filing showed about $4.3 billion in total U.S. equities, putting the SpaceX position at more than half of the disclosed portfolio.
The disclosure follows SpaceX’s blockbuster initial public offering in June, which brought previously private institutional holdings into public view. SpaceX raised about $85.7 billion in its IPO and initially reached a market capitalization above $2 trillion.
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The Harvard filing does not indicate that the university recently invested $2.2 billion in SpaceX. The figure represents the reported value of its holdings as of June 30. The timing and original cost of Harvard’s investment were not disclosed in the filing.
The value of the stake also highlights the gains available to institutions that gained exposure to SpaceX while it was still privately held. Other major institutions have disclosed substantial positions following the company’s public listing.
Alphabet, for example, invested about $900 million in SpaceX in 2015. Its SpaceX stake was valued at $94.2 billion at the end of June, according to a recent regulatory filing, illustrating the scale of returns generated by some early investments in the company.
Harvard’s SpaceX holding is substantially larger than several of its other publicly disclosed positions. The university held about $350 million in Taiwan Semiconductor Manufacturing and $234 million in Amazon, according to the latest filing.
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The SpaceX disclosure also comes as investors continue to assess the company’s valuation following its public debut. SpaceX shares have been volatile since the IPO, moving below $105 earlier in August before recovering toward $140.
Harvard’s overall endowment is considerably larger than the $4.3 billion of U.S. equities disclosed in the 13F. The filing covers only securities subject to 13F reporting requirements and does not represent the university’s entire investment portfolio.
The disclosure nevertheless provides a rare look at Harvard’s public-market exposure to SpaceX and underscores how the company’s transition from a private venture to a publicly traded giant has brought major institutional investments into view.