Ontario Teachers’ Pension Plan eyes growth in satellite-based broadband

The Teachers’ Innovation Platform, a part of the Ontario Teachers’ Pension Plan, will invest an undisclosed amount in SpaceX, the rocket company founded by Elon Musk.

Teachers’ Innovation Platform (TIP) is based out of Toronto, London, and Hong Kong.

According to its website, it looks for investing gains from sectors and businesses that are undergoing technological transformation.

SpaceX rationale

TIP said SpaceX was a “compelling investment opportunity” and that it had “significant future growth potential” from its satellite broadband plans.

SpaceX plans to provide cheaper and better broadband internet services across the globe with its Starlink satellite network.

Founded in 2002, SpaceX is just $314 million short of its 2019 fund-raising target of $1.33 billion.