Ontario Teachers' Pension Plan Announce New Investment in SpaceX
Space has been iconically called ‘The final frontier’ and it seems Ontario Teachers’ Pension Plan agrees.
Ontario Teachers’ Pension Plan (Ontario Teachers’) announced yesterday (June 27) its planned investment in Space Exploration Technologies Corp., also known as SpaceX. It is the inaugural investment by the Teachers’ Innovation Platform (TIP), which was first launched in April of this year.
SpaceX is a leading designer, manufacturer and operator of advanced rockets and spacecraft. It was first founded in 2002 by Elon Musk. With over 75 successful launches, SpaceX is the world’s leading private launch provider, and the first to successfully reuse an orbital class rocket. The company is also working to launch Starlink, a next-generation satellite network capable of connecting the globe with reliable and affordable broadband internet services.
“SpaceX is the world’s leading private space launch provider, and we are excited to work with the company in the next phase of its growth as it rolls out its Starlink satellite network,” said Olivia Steedman, the Senior Managing Director of TIP. “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.”
TIP chose to invest in SpaceX due to the proven track record of technology disruption in the launch space and significant future growth potential in the satellite broadband market.
TIP has a main focus on late-stage venture capital and growth equity investments in companies that use technology to disrupt incumbents and create new sectors. Because of this, SpaceX perfectly fits the target TIP is looking for.
Financial terms for the investment have not been disclosed.
You can learn more about Ontario Teachers’ here.
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