Harvard Endowment Surges 27.1% to $68 Billion Powered by SpaceX and AI Bets

Harvard University's endowment gained 27.1% for the fiscal year ending June 30, expanding total assets to approximately $68 billion. The performance was driven by surging valuations in private technology assets, led by Harvard's top holding, a $2.2 billion position in Elon Musk's SpaceX. The return beat the S&P 500's 22.3% total return by 4.8 percentage points. Major endowments saw broad gains, including a 37.8% return for the University of North Carolina system. However, Harvard faces upcoming headwinds, including an estimated $300 million annual cost from an increase in federal excise tax on net investment income to 8%.