Ontario Teachers’ posts 9.5% return boosted by SpaceX stake | Financial PostAdvertisement oop
Story continues below
This advertisement has not loaded yet, but your article continues below.
Skip to Content Stay up to date on the best insured and uninsured mortgage rates in Canada. Read now >> Stay up to date on the best insured and uninsured mortgage rates in Canada. Read now >>
Subscribe $0.50/week
Advertisement 1
This advertisement has not loaded yet, but your article continues below.
A SpaceX Falcon 9 rocket is displayed at a SpaceX facility in Hawthorne, California. Photo by Justin Sullivan/Getty Images files
Article content<br>The Ontario Teachers’ Pension Plan Board reported a net return of 9.5 per cent for the first half of 2026, partly thanks to its seven-year stake in spaceflight and artificial intelligence company SpaceX.
Sign In or Create an Account<br>Email Address<br>Continue<br>or
View more offers
Article content<br>Teachers’ posted a net investment income of $26.6 billion for the first six months of the year, with net assets totalling $303.2 billion at June 30, up $23.8 billion from the end of 2025. The pension plan’s one-year net return was 14.5 per cent.
Article content
We apologize, but this video has failed to load.<br>Try refreshing your browser, or<br>tap here to see other videos from our team.
We apologize, but this video has failed to load.<br>Try refreshing your browser, or<br>tap here to see other videos from our team.
Play Video
Article content
Article content<br>“We delivered a strong start to 2026, with a total-fund net return that is ahead of our target at this point in the year,” said Jo Taylor, chief executive at the pension fund in a statement. “These results were broad based with positive returns across asset classes, with the most significant contributions coming from venture growth, public equities and inflation-sensitive assets.”
Article content
Posthaste<br>Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.
There was an error, please provide a valid email address.
Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.
Thanks for signing up!<br>A welcome email is on its way. If you don't see it, please check your junk folder.<br>The next issue of Posthaste will soon be in your inbox.
We encountered an issue signing you up. Please try again
Interested in more newsletters? Browse here.
Article content<br>The pension fund’s investment in SpaceX, formally known as Space Exploration Technologies Corp., was a “significant contributor” to its mid-year return, according to a Teachers’ press release.
Article content<br>SpaceX debuted with a never-before-seen US$75 billion initial public offering in June, raising about US$1.7 trillion at the time, though the stock has plunged by nearly 50 per cent since its post-IPO highs. The space company now has a market capitalization of about US$1.8 trillion.
Article content<br>However, Teachers’ reportedly invested about $300 million in SpaceX, its first investment for its venture growth arm in 2019 before the artificial intelligence boom, when the company was valued at just about US$33.3 billion. By June 30, its stake was worth approximately US$8.7 billion, according to a recent filing with the U.S. Securities and Exchange Commission.
Article content
Article content<br>Venture companies now make up about nine per cent of Teachers’ asset mix, compared with six per cent in December. Public equity comprises about 21 per cent, up from 18 per cent at the end of last year, while private equity accounts for about 16 per cent, down from 19 per cent, according to Teachers’ mid-year results. In 2025, Teachers’ posted a negative return in its private equity portfolio.
Article content<br>The total annualized 10-year return for the Teachers’ fund, which manages investments for 346,000 working members and pensioners, is 7.8 per cent, with a 9.4 per cent return since inception.
Article content<br>The Toronto-based pension plan noted other major investments during the first half of 2026, including its acquisition of four multifamily residential assets in southern Germany alongside DW Effectum Residential, its establishment of a new real estate joint venture with Equus Capital Partners and financing of U.K. energy tech platform Kraken Technologies Ltd.’s spinout from Octopus Energy Group.
Article content<br>• Email: slouis@postmedia.com
Article content
Advertisement 1
This advertisement has not loaded yet.
Trending
In this Canadian city, rent gobbles up 95% of a full-time, minimum-wage earner's working hours
Personal Finance
The stock market bull case just got stronger
Investor
Advertisement 1
Story continues below
This advertisement has not loaded yet, but your article continues below.
Why oilsands majors are holding back on expansion
Oil & Gas
Ontario Teachers’ pension plan posts 9.5% return, boosted by $8.7 billion SpaceX stake
Finance
IBM turns to Canadian bond market for first time since...