Ontario Teachers’ Pension Plan invests in Musk’s SpaceX firm
The Ontario Teachers’ Pension Plan announced Thursday afternoon that it has made an investment in Space Exploration Technologies Corp., the Elon Musk-led venture better known as SpaceX.
The investment into SpaceX was the first made by a new department, the Teachers’ Innovation Platform, which was established in April with the intent of focusing on late-stage venture capital and growth equity in the disruptive tech space.
“SpaceX is the world’s leading private space launch providers and we are excited to work with the company in the next phase of its growth as it rolls out its Starlink satellite network,” Olivia Steedman, senior managing director of the department, said a press release.
The pension plan, which held $191.1 billion in assets as of Dec. 31, did not disclose the size of the investment, nor did it wish to comment further on Thursday.
The investment comes as the space launch company is reportedly seeking more than US$314 million in new funding.
According to a CNBC report, SpaceX was seeking that amount at a price of US$214 per share, in what would be the company’s third round of funding this year. SpaceX completed two previous rounds, raising US$486 million and US$536 million respectively and bringing the company’s valuation to US$33.3 billion.
It is not clear if Teachers’ funding was part of a third round.
Of SpaceX’s various projects, Teachers’ specifically mentioned its interest in Starlink. The project would rely on more than 11,000 satellites sitting in Earth’s low orbit working together to create a high-speed internet network. SpaceX CEO Elon Musk has estimated that the company could earn US$30 billion a year in revenue from Starlink.
Musk believes Starlink could fund Starship, its longer-term project. SpaceX intends to design a rocket and reusable launch system that can transport groups of people to either Mars or the moon.