Harvard Endowment Reaches $67.96 Billion After 27.1% Return

Harvard University’s endowment reached $67.96 billion on June 30, 2026, after a 27.1% investment return for the fiscal year. Its value was up $11.03 billion from a year earlier, though the change also reflects gifts, distributions and a net investment income tax liability.

Harvard Management Company held $2.21 billion in SpaceX shares at fiscal year-end. The position represented 51.8% of the $4.26 billion in listed holdings. The holdings are a point-in-time snapshot; they do not show when the shares were acquired or how much they contributed to the endowment’s annual return.

Other listed positions included $349.59 million in Taiwan Semiconductor Manufacturing Co., $238.96 million in Cerebras Systems and $157.62 million in Nvidia. Harvard Management Company also held $101.36 million in the iShares Bitcoin Trust ETF, which invests in Bitcoin (BTC).

The listed positions do not represent the full endowment portfolio. Nor do they provide a return breakdown for individual companies or investments, so the SpaceX and Bitcoin ETF figures cannot be used to assign a share of the 27.1% annual return to either holding.

Harvard Management Company CEO N.P. “Narv” Narvekar said performance was driven primarily by “venture capital, public equities, and hedge funds.” Private equity accounted for 46% of the portfolio at year-end, including 31% in venture capital and growth venture.

Harvard distributed $2.6 billion from the endowment to the university during fiscal 2026, nearly 40% of its operating revenue. More than 80% of that distribution carried donor restrictions. The university reported a $100 million operating surplus.

Federal sponsored research revenue fell to $506 million in fiscal 2026 from $629 million the prior year, a decline of $123 million. The fiscal year ended June 30.