Harvard University's endowment gained 27.1% in fiscal year 2026, helped in part by a stake in Elon Musk's rocket company SpaceX.
The fund's return in the 12 months through June 30 boosted its value 19.3%, to $68 billion, according to the university's annual report released on Thursday. It beat the S&P 500, which gained 22.3% in that period, according to Dow Jones Market Data.
In August, Harvard reported in a second quarter 13F filing that it held a $2.2 billion stake in Space Exploration Technologies.
The annual report didn't specifically mention SpaceX. But N.P. "Narv" Narvekar, CEO of Harvard Management Co, which runs the endowment, wrote that fiscal 2026 "represents a short-term return on a long-term portfolio. Nevertheless, it is reassuring to see it strengthen the endowment's ability to support the university in the decades ahead."
Musk owns more than 40% of SpaceX. Other big institutional holders include Fidelity, Baron Capital, and D1 Capital Partners, according to FactSet. SpaceX shares are down 4.1% to $145.92 on Thursday. The stock debuted on June 12 at $135 a share.
The largest asset allocation went to private equity, 46%, venture capital and growth venture, 31%, hedge funds, 29%. Public equities make up only 14% of the portfolio. The endowment held only 19 stocks valued at $4.26 billion, according to the 13F filing.
Returns were "shaped by the portfolio's composition, as we deliberately grew private equity to be the largest part of our portfolio," Narvekar wrote.
The endowment distributed $2.6 billion in the fiscal year, which was 39% of Harvard's total operating revenue, according to the annual report.
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