Rapid, high-fidelity single-shot readout of quantum states is a ubiquitous requirement in quantum information technologies. For emitters with a spin-preserving optical transition, spin readout can be achieved by driving the transition with a laser and detecting the emitted photons. The speed and fidelity of this approach is typically limited by low photon collection rates and measurement back-action. Here we use an open microcavity to enhance the optical readout signal from a semiconductor quantum dot spin state, largely overcoming these limitations. We achieve single-shot readout of an electron spin in only 3 nanoseconds with a fidelity of (95.2 ± 0.7)%, and observe quantum jumps using repeated single-shot measurements. Owing to the speed of our readout, errors resulting from measurement-induced back-action have minimal impact. Our work reduces the spin readout-time well below both the achievable spin relaxation and dephasing times in semiconductor quantum dots, opening up new possibilities for their use in quantum technologies.