Ontario Teachers’ investing in SpaceX

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Waving flag with Spacex logo. Editorial 3D © Максим Кузубов / 123RF Stock PhotosThe Ontario Teachers’ Pension Plan is investing in Space Exploration Technologies Corp., more commonly known as SpaceX.

The company, which was founded by Elon Musk, designs, manufactures and operates advanced rockets and spacecraft.

It’s the inaugural investment of the Ontario Teachers’ late-stage venture capital and equity growth platform, the Teachers’ Innovation Platform, which was launched this April to support companies using technology to create new sectors or disrupt existing ones.

“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,” said Olivia Steedman, the senior managing director of the Teachers’ Innovation Platform, in a press release.

SpaceX is working on launching Starlink, a satellite network to connect 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,” added Steedman.

The financial terms of the investment weren’t disclosed.

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