The new division of the Ontario Teachers’ Pension Plan that seeks disruptive investments is backing one of the most disruptive executives of today by pumping money into Elon Musk’s SpaceX.
Neither Teachers nor SpaceX disclosed the size and terms of the investment. The U.S. business news channel CNBC said SpaceX was raising US$314.2-million, bringing SpaceX’s total fundraising this year to US$1.33-billion. CNBC said in May that investors valued SpaceX at US$33.3-billion.Founded in 2002, SpaceX posted just more than US$1-billion in revenue, according to S&P Global Market Intelligence. No profitability figures are widely available.
“Our investment in SpaceX fits well within the TIP investment strategy of capitalizing on significant global opportunities in new businesses and sectors that are emerging as a result of unprecedented technological change,” Ms. Steedman said. Teachers posted a return of 2.5 per cent for 2018 to close the year at $191.1-billion in assets. Like other larger Canadian pension plans, it relied on returns from assets such as real estate, infrastructure and the shares of private companies as global equity markets struggled.
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