Danish pension fund blacklists SpaceX: Overvalued and "catastrophic" governance

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Danish pension fund AkademikerPension announced that it has added SpaceX to its investment blacklist, citing the company’s severely inflated valuation and "catastrophic" governance structure issues. This is one of the most direct public criticisms from institutional investors since SpaceX started advancing its IPO process.

The fund’s Chief Investment Officer, Anders Schelde, stated, "SpaceX’s reasonable valuation ‘should not exceed $1 trillion’," while the company’s IPO target valuation is at least $1.8 trillion, implying a significant premium.

He pointed out that even if the valuation were reasonable, AkademikerPension would still refuse to participate due to governance issues—Musk is expected to control about 80% of the voting power and simultaneously serve as CEO, CTO, and Chairman of the Board.

AkademikerPension stated that its concerns about SpaceX echo those of several American pension funds. The fund decided not only to avoid participating in the IPO, but also to steer clear of any secondary market transactions involving SpaceX, including through passive index holdings.

Governance Structure Triggers Multiple Warnings

AkademikerPension’s criticism of SpaceX’s governance is not an isolated voice.

On May 14, New York City Comptroller Mark Levine, CalPERS CEO Marcie Frost, and New York State Comptroller Thomas DiNapoli sent a joint letter to Musk, expressing "serious concerns" about SpaceX’s so-called "extreme governance structure".

SpaceX filed its IPO application documents on May 20, indicating Musk holds "near absolute control" over the company, and included a compensation plan valued at $779 billion. SpaceX expects to launch a formal roadshow as early as next month.

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, along with 18 other banks, are collectively leading this IPO.

Valuation Logic Under Scrutiny

In terms of valuation, AkademikerPension believes SpaceX’s pricing is more "narrative-driven" by Musk rather than based on economic reality, and investors are essentially being asked to accept "an unprecedentedly low-risk premium" for a "highly uncertain company."

In February this year, SpaceX announced the acquisition of Musk’s xAI, whose assets include the chatbot Grok and social media platform X. According to Bloomberg, at the time of the deal, SpaceX was valued at $1 trillion and xAI at $250 billion. The IPO target valuation has increased significantly since then.

Anders Schelde stated, The fund "had hoped to invest in SpaceX and its technology," and its refusal to participate "is not a denial of its technology or engineering strength," but rather a judgment made after weighing valuation and governance risks.

A "Maverick" Pension Fund That Acts Frequently

AkademikerPension, with a size of about $25 billion, is not large, but has gained considerable recognition in the industry for its distinctive investment positions.

Last year, the fund sold its Tesla holdings, citing concerns that Musk was "damaging" the company’s brand and value. In January this year, the fund announced the sale of US Treasuries, based on its assessment of US government creditworthiness, deeming it "not a high-quality debtor"—a move that coincided with the Trump administration’s pressure on Denmark regarding Greenland, attracting widespread attention.

Regarding SpaceX, Anders Schelde made it clear that the fund’s blacklist covers IPO subscriptions and any form of secondary market trading, including indirect holdings via indexed stock portfolios, an unambiguous and thorough stance.

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