One fund bought big, the other tiptoed into Musk's newly public venture
Canada's Public Sector Pension Investment Board has disclosed its first position in Elon Musk's SpaceX, one of two large Canadian pension managers now holding shares in the rocket and satellite company after its record public debut.
PSP Investments held 100,000 SpaceX shares as of June 30, according to a filing reported by Bloomberg and made public on August 13.
The fund, which manages $321bn for federal public servants including the military and the Royal Canadian Mounted Police, did not disclose its entry price or the reasoning behind the position.
Ontario Teachers' Pension Plan, another of the Maple Eight, held about 50.7m SpaceX shares valued at US$8.7bn as of the same date, according to public filings and data compiled by Bloomberg.
The two disclosures mark different scales of conviction in the same company: a starter position for PSP against a multibillion-dollar holding for Teachers'.
SpaceX completed the largest initial public offering on record in June and closed its first trading day worth more than US$2tn, Bloomberg reported, though the shares have since fallen from that peak.
The debut turned a company once reachable only through private secondary sales into a public equity that pension funds, sovereign funds, and index providers all had to weigh.
The stakes surface as the AI investment cycle reshapes valuations across pension portfolios in both directions.
On the public side, it has pulled funds toward technology names such as SpaceX, whose AI segment now houses Musk's Grok model.
On the private side, La Caisse said the same theme pushed down valuation multiples for private equity holdings in sectors exposed to AI, weighing on its first-half marks.
External deal advisers report parallel pressure in public markets.
PwC's mid-year insurance deals outlook, published in June, said uncertainty over how AI may disrupt insurance has lowered publicly traded broker valuations.
Mark Friedman, PwC's insurance deals leader, said AI and slowing organic growth carry broader valuation implications for publicly traded brokers, including those focused on more complex commercial lines.
