Market Moves
SpaceX Exposure Drives University of Colorado’s 20.34% Fiscal Year Return
The $3.5 billion endowment’s 2009 investment has returned 5,590% through June 30.
Reported by Matt Toledo
Early investments in SpaceX created significant windfall for investors following the company’s June initial public offering. For the University of Colorado Foundation—which manages the endowment of the University of Colorado system—that windfall drove the endowment’s 20.34% fiscal year 2026 return.
An August investment update from the endowment noted it had made its first investment in SpaceX in 2009—an initial investment of $150,000, with total commitments reaching $4.2 million over time, including through positions held in smaller funds.
The 2009 investment represents a majority of the endowment’s exposure to SpaceX, which had increased 57-fold—approximately 5,590%, as of June 30. The endowment’s SpaceX holdings are now valued at $289 million, or 8.2% of the fund’s $3.5 billion in total assets.
“While the IPO provides a clearer public value for this investment, donors should expect that SpaceX’s share price may fluctuate over the next year as the market evaluates the company’s outlook, valuation, liquidity and broader conditions,” the endowment stated in its update. “Because the position represents a meaningful portion of the [long term investment pool], these price movements could affect reported portfolio values in the near term, even as the Foundation remains focused on long-term stewardship of endowed assets.”
The endowment, in its investment performance update, noted that the fund’s SpaceX position is subject to IPO-lockup provisions that will expire over time. As these restrictions expire, increased short-term volatility could occur for the fund, it noted.
The endowment’s 20.34% fiscal year return outperformed its policy benchmark of 19.57%. The fund also reported five-, 10-, 15-, and 20-year annualized returns of 7.68%, 10.88%, 9.20% and 8.47%, respectively.
The fund allocates 35% of its assets to global public equities, 32% to global private capital, 12% to real assets, 11% to global hedge funds and 10% to fixed income and cash.