The Ontario Teachers’ Pension Plan’s stake in SpaceX helped propel it to a 9.5% net return in the first half of 2026, raising its total assets to C$303.2 billion ($217.2 billion). However, the same investment could turn out to be a drag on its Q3 results.
The OTPP held, as of June 30, approximately 50.7 million shares of SpaceX, worth roughly $8.66 billion at the time, according to the pension fund’s second quarter 13F-HR filing. The asset value is more than 10 times that of the pension fund’s largest disclosed stock holding, GFL Environment, which was worth $824.7 million.
Assuming the pension fund holds the same number of shares as it did on June 30, the value of its stake in SpaceX has since plunged by nearly $2 billion to $6.84 billion as of the close of trading on August 24. OTPP did not immediately respond to a request concerning its current holdings.
SpaceX’s initial public offering price was $135 per share when it debuted on June 12, raising $85.7 billion for the company in the largest IPO in history. Shares peaked at $225.64 per share on June 16.
The OTPP made its first investment in SpaceX in 2019 for a reported $220 million and was the inaugural investment by the Teachers’ Innovation Platform, which has since been rebranded as Teachers’ Venture Growth. The platform focuses on late-stage venture capital and growth-equity investments in technology companies.
The 9.5% H1 return represented a net investment income increase of C$26.6 billion, with a one-year total-fund net return of 14.5%, the pension fund reported The pension fund also reported five- and 10-year annualized net returns of 7.7% and 7.8%, respectively, as well as a 9.4% return since the OTPP was established in 1990.
The OTPP’s public equity portfolio brought in the biggest gain in terms of effective net investments at fair value with a C$11.1 billion increase during the first half of 2026, followed by venture growth and infrastructure assets, which grew C$10.6 billion and C$10.4 billion, respectively.
Natural resources assets expanded by C$1 billion, while fixed-income and credit assets increased C$907 million and C$901 million, respectively. Inflation hedge and real estate assets were larger by C$537 million and C$327 million, respectively.
Private equity registered the largest decrease in asset value, contracting by C$2.85 billion, while commodities and absolute-return strategies investments shrank by C$1.96 billion and C$675 million, respectively.
The OTPP’s asset allocation as of June 30 was 46% equities, 25% real assets, 21% fixed income, 18% inflation-sensitive investments, 13% credit and 8% absolute-return strategies, with “funding and other” representing a negative 31% of effective net investments at fair value.
“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,” OTPP President and CEO Jo Taylor said 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.”
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Tags: Alternative Investments, Asset Allocation, Jo Taylor, Ontario Teachers' Pension Plan, public equities, SpaceX