Ontario Teachers’ Pension Plan is Smiling, as SpaceX Hits $100 Billion Valuation
Posted on 10/08/2021
In the middle of 2019, Ontario Teachers’ Pension Plan made its first investment via its Teachers’ Innovation Platform (TIP) in Space Exploration Technologies Corp. (SpaceX), a designer, manufacturer, and operator of advanced rockets and spacecraft. Elon Musk founded SpaceX in 2002.
This week, the valuation of crossed US$ 100 billion (US$ 100.3 billion) following a share sale by existing investors. SpaceX has an agreement with new and existing investors to sell up to US$ 755 million in stock from insiders at US$ 560 per share. The new share price is an increase of 33% from SpaceX’s last valuation of US$ 74 billion at US$ 419.99 a share in February 2021.
SpaceX seeks to disrupt the communications sector and telecom giants by its Starlink product. Starlink seeks to be an interconnected internet network with thousands of satellites designed to deliver high-speed internet to consumers anywhere on the planet. Currently, SpaceX has launched 1,740 Starlink satellites and has more than 100,000 users in 14 countries who are participating in a public beta.
Keywords: Ontario Teachers Pension Plan.
