Ontario Teachers’ Pension Plan stands to collect up to US$11.6 billion on the $220-million US investment it made in SpaceX seven years ago, as the rocket and satellite company prepares for what would be the largest initial public offering in history.
SpaceX set a fixed IPO price of $135 per share on June 3, targeting 555.6 million shares at a $1.75-trillion valuation. The offering would raise approximately $75 billion — more than double Saudi Aramco‘s $29.4-billion record from 2019. Share pricing closes after market on June 11, with Nasdaq trading under the ticker SPCX beginning June 12. Goldman Sachs leads the underwriting syndicate.
Ontario Teachers’ first invested in SpaceX in June 2019 through its Teachers’ Venture Growth (TVG) division — the fund’s debut deal — as part of a $314-million funding round. Starlink was still launching its first satellites, and the AI boom remained years away. If the $1.75-trillion valuation holds after shares begin trading, Teachers’ 2019 stake alone could reach US$11.6 billion ($15.3 billion CAD) — a roughly 53-fold gain and the most successful single investment in the fund’s history, according to reporting by the Globe and Mail.
That figure excludes additional capital the fund deployed in subsequent SpaceX rounds. Ontario Teachers’ manages $279 billion in assets for approximately 346,000 active and retired Ontario teachers.
Also read: S&P shields index funds from SpaceX IPO chase
Institutional shareholders face a standard 180-day lock-up period after trading begins, barring early sales. Gillian Brown, Ontario Teachers’ chief investment officer for public and private investments, called the upcoming listing “not necessarily a target exit point” in a March interview, adding that SpaceX’s acquisition of Musk’s xAI company — which folded AI infrastructure and data centers into the SpaceX portfolio — could represent “another potential leg of venture-like growth.”
TVG, which spans more than three dozen late-stage venture investments, posted a 30.2% return in 2025, with SpaceX’s rising private-market value accounting for much of the gain. Its net assets grew from $10.4 billion CAD in 2024 to $15.3 billion CAD in 2025.
Related: Did Nasdaq Rewrite Its Index Rules for SpaceX?
SpaceX brought in $18.67 billion in revenue in 2025 — up 33% year-over-year — but booked a $4.94-billion net loss, reversing a $791-million profit in 2024. The $1.75-trillion target implies a price-to-revenue multiple of roughly 94 times trailing sales.
Musk will retain approximately 82% of voting control through a dual-class share structure. At that valuation, SpaceX would surpass Meta, Berkshire Hathaway, and Tesla to enter the top 10 most valuable US-listed companies.
Related: SpaceX Cuts IPO Valuation Target to $1.8 Trillion After Investor Feedback
In July last year, Ontario Premier Doug Ford cancelled a CA$100-million Starlink contract, paying a confidential break fee to SpaceX, to protest Trump’s tariffs and Musk’s role in the administration.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
