美国多所大型大学捐赠基金因重仓配置 SpaceX、OpenAI 及 Anthropic 等知名科技企业与人工智慧新创公司，正有望终结过去数年因私募股权市场低迷所导致的落后表现，本年度收益预期将匹敌甚至大幅超越标普 500 指数超过 20% 的涨幅。

哈佛大学、北卡罗来纳大学与科罗拉多大学基金会等机构，凭借早期对 SpaceX 等科技新创的投资收获了丰厚回报；例如哈佛持有价值约 22 亿美元的 SpaceX 股份，北卡罗来纳大学相关持股推动其年度回报突破 30%，同时伴随企业上市与估值飙升，原本停滞的私募市场资金分配也显著回暖。

然而创投市场的强劲复苏高度集中于少数超级赢家，造成各校基金表现两极化，部分投资主管也示警此类爆发性超额收益属于特例而非市场常态，下一代高成长巨头的孕育仍需漫长周期，未来报酬动能是否能持续依然存有不确定性。

Several major US university endowments are on track to match or outperform the broad stock market, breaking several years of lagging returns thanks to substantial weightings in prominent technology and artificial intelligence companies such as SpaceX, OpenAI, and Anthropic as the S&P 500 gained over 20 per cent.

Institutions including Harvard University, the University of North Carolina, and the University of Colorado Foundation achieved massive windfalls from early bets on high-profile tech firms; Harvard held approximately $2.2bn in SpaceX shares, UNC saw annual returns exceed 30 per cent, and rebounding IPOs and valuations helped accelerate long-stalled cash distributions from private equity.

Nevertheless, the venture capital rebound has been heavily concentrated in a select handful of top performers, driving wide performance gaps between endowments and leading institutional executives to caution that such outsized gains are extraordinary rather than typical, leaving questions about whether this momentum can be sustained.