Ontario Teachers’ Pension Plan earns 9.5% in first half, boosted by SpaceX IPO windfall

A pension fund for Ontario’s schoolteachers just posted one of the most enviable investment scorecards of 2026, and it has a rocket company to thank for a big chunk of it. The Ontario Teachers’ Pension Plan reported a 9.5% total-fund net return for the first half of the year ending June 30, generating CAD 26.6 billion in net investment income and pushing total net assets to CAD 303.2 billion. The headline driver: SpaceX’s long-awaited IPO on June 12, which turned a relatively modest 2019 bet into a position worth nearly US$8.7 billion. From CAD 300 million to US$8.7 billion OTPP first invested approximately CAD 300 million in SpaceX back in 2019, when Elon Musk’s rocket venture was still years away from a public listing. By the time SpaceX debuted on Nasdaq under the ticker SPCX on June 12, the pension fund’s paper value on that position had swelled dramatically. At the close of the reporting period on June 30, the stake was valued at nearly US$8.7 billion. After the IPO lock-up period expired, SpaceX shares pulled back, trimming the position’s value to approximately US$6.7 billion. The paper value had actually peaked at US$11.6 billion at one point before settling. Broad-based per...