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Pension Fund’s SpaceX Bet Pays Off | San Jose News
A California pension fund dumped $60 million into SpaceX eight years ago, and now that stake—worth 4-9% of their portfolio—is a massive, wildly volatile asset. Originally meant to boost the state’s economy and ride the wave of Starlink and defense contracts, the investment has ballooned into a generational bet. The fund’s CIO admits they need to overhaul risk management around this superstar holding, even as they plan to move it from venture to public markets to rebalance their books—without selling. They’re betting big on Musk’s long-term vision, proving that sometimes, the biggest wins come…
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