Overview
- SpaceX filed an S-1 that sets an indicative $135 per-share price and a roughly $1.75 trillion valuation, a structure that would make Ontario Teachers’ 2019 $220 million investment worth about $11.6 billion on paper.
- A 180-day lockup in the IPO documents will bar early investors, including Ontario Teachers’, from selling immediately after the Nasdaq listing, delaying any cash realization.
- Ontario Teachers’ chief investment officer Gillian Brown has said the IPO is not necessarily a planned exit, signaling the fund may hold shares to pursue further growth rather than crystallize gains right away.
- SpaceX reported about $18.67 billion of 2025 revenue driven by Starlink and government contracts but still records heavy R&D losses from Starship and AI projects, and analysts have sharply different valuations of the company.
- The 2019 investment was the inaugural deal for Ontario Teachers’ Innovation Platform and, if realized, the gain would materially boost the plan’s assets and influence debates over how public pension funds manage large private-market stakes.