A Danish pension fund has blacklisted SpaceX, calling it grossly overvalued with catastrophic governance

Denmark’s AkademikerPension, which manages roughly $25 billion for academic professionals, has said it will not participate in SpaceX’s initial public offering or buy shares in any secondary-market transaction, according to Bloomberg. Chief investment officer Anders Schelde called the company “grossly overvalued” and cited what he described as a “catastrophic governance structure” as the primary reason for the exclusion.

The fund calculates that SpaceX cannot reasonably exceed a valuation of $1 trillion, roughly half the $1.8 trillion the company is targeting when marketing begins as soon as 4 June. Pricing could come as early as 11 June. AkademikerPension will also avoid indexed equity products that include SpaceX, meaning it is not simply skipping the IPO but actively excluding the stock from its entire portfolio.

The governance complaint

Schelde’s objection centres on Elon Musk’s control over SpaceX. The company’s S-1 filing revealed that Musk holds roughly 85%...

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