Ontario Teachers’ Pension Plan reported a 9.5% net return for the first half of 2026, generating CAD 26.6 billion in net investment income, more than four times the CAD 6.0 billion it earned a year earlier. A key driver was its early investment in SpaceX, made in 2019 at about US$300 million when the company was valued near US$33.3 billion. After SpaceX’s June IPO priced at US$135 and raised US$75 billion at a roughly US$1.77 trillion valuation, a June 30 SEC filing showed Teachers’ stake was worth nearly US$8.7 billion. The fund’s venture growth portfolio rose 69% in the first half to CAD 25.9 billion from CAD 15.3 billion, increasing to 9% of total assets from 6%. SpaceX shares then fell sharply, cutting the value of the holding by close to 20% within about six weeks, before rebounding above the IPO price. The listing has also weighed on publicly traded retail venture funds that had surged on scarcity-driven demand for pre-IPO exposure to companies such as SpaceX, OpenAI and Anthropic. Since SpaceX’s debut and the start of expiring share lockups, premiums to net asset value at vehicles including Robinhood Ventures, Fundrise and ARK Invest have narrowed significantly as new share supply hit the market and investors reassessed valuations.