Harvard University’s investment arm disclosed a $2.2 billion stake in SpaceX, revealing a massive payoff from an early investment in Elon Musk’s rocket company following its blockbuster public debut.

Harvard Management Company reported the position in a regulatory filing Friday, making SpaceX the largest individual stock holding disclosed in its $4.3 billion portfolio of U.S. equities.

The investment highlights how SpaceX’s record-setting June initial public offering delivered significant gains for university endowments that gained exposure to the company through venture capital investments, in some cases more than a decade ago.

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Harvard Management oversaw about $57 billion as of June 2025, according to the latest publicly available figure.

Harvard is not the only university investor benefiting from SpaceX’s move into the public markets.

The University of California’s investment arm disclosed a position worth roughly $1 billion in a filing this week, while the University of North Carolina and Washington University in St. Louis also held investments in the company.

Harvard’s position could include both shares owned directly and stock distributed to the university through private investment funds. 

Harvard Management Company and SpaceX did not immediately respond to FOX Business’ requests for comment.

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SpaceX currently carries a valuation of more than $1.8 trillion. The gains arrive as university finances face pressure from uncertainty over federal research funding, demographic changes that are reducing the pool of college-age students and weaker returns from private equity.

Large university endowments have nevertheless delivered strong recent performance. 

Endowment funds managing more than $500 million returned a median 18.9% before fees in the year ended in June, according to the Wilshire Trust Universe Comparison Service.

SpaceX shares have fluctuated since the company debuted at $135 per share. The stock fell 0.9% Friday to close at $140.

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Investment managers overseeing more than $100 million in U.S. equities generally must submit Form 13F within 45 days after the end of each quarter, providing a snapshot of their holdings in securities traded on U.S. exchanges.