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Harvard is truly all in on space this time. The latest 13F reveals that by the end of Q2, Harvard Management Company held 12.93 million shares of SPCX, valued at $2.21 billion, accounting for 52% of its entire publicly disclosed US stock portfolio. With a $4.3 billion portfolio, half is concentrated in a single stock, making it their largest holding. But at the big players' table, Harvard really doesn't rank high: Elon Musk himself holds 48.4%, valued at over $900 billion; Alphabet holds 551 million shares, worth $94.2 billion—invested $900 million in 2015, achieving a 100x return over ten years; NVIDIA holds 123 million shares, worth $21 billion—but these were obtained via stock swap during SpaceX's acquisition of xAI this year, not bought on the secondary market; Gigafund holds 172 million shares, worth $29 billion, Jane Street holds 57 million shares, worth $9.7 billion. Cathie Wood's ARK actually bought on the secondary market, 4.48 million shares worth $765 million, the largest purchase in Q2. SPCX rebounded over 20% five days after lockup expiration, returning above the $135 issue price, now around $140. Wall Street sell-side average target price is $232, implying 66% upside. But to pour cold water: 13F data is lagging as of end of June; a month and a half has passed and they have already rebalanced. The second batch of lockup expires on August 20, with another big round in December. Musk's 48.4% is locked until mid-next year, so selling pressure is clear. Q2 loss was $540 million but revenue of $7.8 billion beat expectations; however, Q1 loss was $4.28 billion, still burning cash. Just take a look, don't copy blindly.