Ontario Teachers Made Billions on SpaceX Through Wild Stock Price Swings
Ontario Teachers’ Pension Plan booked billions of {dollars} from its stake in Elon Musk’s SpaceX this yr, whilst that stake swung via a pointy decline, and a partial restoration, within the weeks because the pension fund’s mid-year mark.
The Canadian pension supervisor reported a 9.5% internet return for the primary half of 2026, pushed largely by its enterprise development portfolio, which incorporates an early wager on Space Exploration Technologies Corp. Teachers posted $26.6 billion in internet funding revenue for the six months ended June 30, greater than 4 occasions the $6.0 billion it earned over the identical interval in 2025.
A Seven-Year Head Start
The gain traces back to 2019, when the Ontario Teachers’ Pension Plan (Teachers) invested about $300 million in SpaceX via its enterprise arm, at a time the corporate was valued close to $33.3 billion.
SpaceX went public in June, pricing shares at US$135 and elevating US$75 billion in what turned the biggest U.S. preliminary public providing (IPO) on report, valuing the corporate at roughly US$1.77 trillion.
That bounce in valuation, from Teachers’ entry level to the IPO worth, is the actual supply of the windfall, no matter what the inventory has achieved since.
By June 30, a submitting with the U.S. Securities and Exchange Commission (SEC) confirmed Teachers’ stake value near US$8.7 billion.
The Number Is Already Out of Date
That US$8.7 billion determine is a snapshot, not a stay worth. SpaceX shares fell sharply within the weeks after the submitting, and the pension fund’s stake misplaced shut to twenty% of its June 30 worth inside about six weeks, even because the fund’s headline return nonetheless displays the upper mid-year mark.
Teachers’ enterprise development portfolio general grew from $15.3 billion to $25.9 billion within the first half, a 69% bounce that pushed the technique to 9% of whole property, up from 6% six months earlier.
The inventory has since clawed again most of that decline. As of Monday buying and selling, SpaceX shares are up 4% on the day and 23% over the previous 5 days, buying and selling around $138 and again above the corporate’s $135 IPO worth after spending roughly a month beneath it.
Governance Doubts, Quiet Selling
CEO Jo Taylor acknowledged the fund is reassessing its publicity now that early lockup restrictions on promoting SpaceX inventory have began to run out. Teachers has already offered a part of its place, although Taylor declined to say how a lot.
He additionally raised issues in regards to the firm’s governance construction, which provides Musk close to whole management via particular voting shares. The Globe and Mail reported Taylor’s feedback immediately.
“It can be false for us to say, both as an investor or from a member perspective, that we predict the governance of SpaceX is ideal. It’s not, and we bear that in thoughts in the entire investments we make. Over time we’re going to have to take a look at that place and say, what’s the proper measurement for the portfolio? And a part of that’s going to be taking a look at alternatives the place we’re free to promote.”
Teachers’ enterprise ebook additionally contains stakes in synthetic intelligence (AI) corporations Anthropic and Databricks. The fund’s 10-year annualized return stands at 7.8%.
The math nonetheless favors Teachers by a large margin. But the hole between the mark-to-market acquire it’s reporting and the inventory’s present trajectory is a reminder that pension returns tied to a single, newly public inventory can transfer quick in each instructions.
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