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 year, even as that stake swung through a sharp decline, and a partial recovery, in the weeks since the pension fund's mid-year mark.

The Canadian pension manager reported a 9.5% net return for the first half of 2026, driven largely by its venture growth portfolio, which includes an early bet on Space Exploration Technologies Corp. Teachers posted $26.6 billion in net investment income for the six months ended June 30, more than four times the $6.0 billion it earned over the same period 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 through its venture arm, at a time the company was valued near $33.3 billion.

SpaceX went public in June, pricing shares at US$135 and raising US$75 billion in what became the largest U.S. initial public offering (IPO) on record, valuing the company at roughly US$1.77 trillion.

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