U.S. University Endowments Post Strongest Returns in Five Years, Driven by SpaceX and AI Investments
nashnova research
US university endowments delivered their strongest fiscal-year returns since 2021, with Harvard at 27.1% and UNC at 37.8% — SpaceX's IPO windfall and AI-linked bets were the dominant drivers, but they also split the industry into haves and have-nots.
How much did these funds actually make?
Harvard's endowment returned 27.1%, growing to roughly $68 billion and beating the S&P 500's 22.3% over the same period.
The University of North Carolina system returned 37.8%, Washington University in St. Louis 37.3%, and Stanford's main investment vehicle 31.7%.
The industry median was 16.1%, below a typical 70/30 global-equity/US-bond benchmark's 17.9%. This means → top funds crushed the benchmark, but most endowments actually trailed a simple stock-and-bond portfolio.
Why did SpaceX become the dividing line?
Roughly half of UNC's return came from SpaceX. The system first invested through a venture fund in 2009; new head Stefan Strein told trustees, "Seventeen years later, we are reaping enormous gains."
Washington University's SpaceX position reached mid-double-digit percentage of assets; combined with semiconductor firm Cerebras Systems, the two accounted for about half the fund's return — an unusually concentrated bet for an endowment.
Harvard's August 13F filing showed $2.2 billion in direct SpaceX equity, plus indirect exposure through Thrive Capital, Valor Equity Partners, and other managers.
MIT returned just 10.3% and declined to comment on SpaceX exposure. Greg Dowling of Fund Evaluation Group summed it up: "You either owned SpaceX, or you didn't." In plain terms = one stock split the entire industry in two.
Where is Harvard's money actually allocated?
Harvard CEO Narv Narvekar said returns were "shaped by portfolio composition" — private equity 46%, venture and growth venture 31%, hedge funds 29%, public equities only 14%.
This means → nearly half of Harvard's capital is locked in illiquid private assets, far less liquid than the "stocks plus bonds" image most people carry.
Narvekar framed the fiscal year as "short-term returns of a long-term portfolio" — a deliberate signal that one banner year should not be extrapolated.
How is endowment money spent — and how much goes to taxes?
Harvard distributed $2.6 billion to the university this fiscal year, covering 39% of total operating revenue — the school's daily operations depend heavily on investment income.
A tax bill signed by President Trump raises the net-investment-income tax on certain research universities from 1.8% to 8%, effective fiscal year 2027.
Harvard's management estimates the new rate will add roughly $300 million per year in tax; in a high-return year like this one, the actual cost would be "multiples higher." This reflects a shift from a near-tax-free era to substantial taxation for university endowments.
SpaceX shares pulled back after the IPO — does it matter?
SpaceX listed on June 12 at $135 per share; on the day of reporting, the stock fell 4.1% to $145.92.
This means → some paper gains built up before the IPO have been given back, but most funds bought in at costs far below the listing price, so the drag on full-year returns is limited.
In plain terms = the post-IPO dip is real, but against more than a decade of appreciation, it is a rounding error.
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