TORONTO, Oct. 18, 2021 /CNW/ - Stack Capital Group Inc. ("Stack Capital") (TSX: STCK) (TSX: STCK.WT) is pleased to announce that it has invested $5 million USD indirectly into Space Exploration Technologies Corp. ("SpaceX"), the world's largest aerospace manufacturer, space transportation services and communications company.
Led by world-renowned entrepreneur Elon Musk, SpaceX recently completed a historic, all-civilian mission where it safely returned its Crew Dragon spacecraft from orbit, carrying four members of the Inspiration4 mission back to Earth after three days in Space. Overall, SpaceX is in the leadership position when it comes to the emerging "space economy" and has the potential to eventually create an economic and technological flywheel. Its core businesses include space transportation (satellites, people, instruments, and cargo), Starlink, and the future potential associated with space tourism. Starlink provides internet access to most of the Earth through over 1800 satellites as of mid-2021, with plans to add thousands of additional satellites in low earth orbit.
"This indirect investment in SpaceX fits perfectly with Stack Capital's mandate of providing shareholders with access into innovative and disruptive private companies", said Jeff Parks, CEO of Stack Capital. "Through Stack Capital, any investor can now participate in the future growth of this world-class business. We're extremely excited about the prospects for Starlink which is well positioned to solve an internet connectivity problem for millions of consumers worldwide."
To access Stack's investment overview on SpaceX, along with any of its other portfolio investments, please click here.
About Stack Capital
Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. SC Partners Ltd. (the "Manager") has taken the initiative in creating the Company and acts as the Company's administrator and is responsible to source and advise with respect to all investments for the Company.
SOURCE Stack Capital Group Inc.
For further information: please visit our website at www.stackcapitalgroup.com or contact: Brian Viveiros, VP, Corporate Development and Investor Relations, 647.280.3307, [email protected]