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 performance across asset classes

As of June 30, the plan’s asset allocation broke down as follows: public equities at 21%, real assets (which includes infrastructure and real estate) at 25%, fixed income at 21%, private equity at 16%, and venture growth at 9%.

The 9.5% half-year return translates to a 14.5% one-year return as of June 30, 2026. The fund also remains fully funded, carrying a preliminary surplus of CAD 31.2 billion, managing retirement income for approximately 346,000 members.

What the SpaceX bet says about institutional venture investing

OTPP’s SpaceX position illustrates the volatility inherent in venture-stage bets. The stake’s value moved from US$11.6 billion at its peak to US$8.7 billion at the end of June to roughly US$6.7 billion after lock-up expiry — a swing of nearly US$5 billion in a matter of weeks.

The SpaceX IPO itself was one of the most anticipated market events of 2026. The company, which operates both its Starlink satellite internet business and its launch services division, listed at a valuation that made it one of the largest technology IPOs in history.

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