Danish pension fund Akademikerpension placed SpaceX on its exclusion list on May 29, 2026, ahead of the company’s planned IPO due to concerns over governance and valuation risks [1, 2, 3]. The fund criticized SpaceX's governance structure as extremely deficient, highlighting that Elon Musk is expected to control more than 80% of the voting rights while holding the positions of CEO, CTO, and board chairman [1, 3]. An Akademikerpension spokesperson said, "The extreme concentration of power effectively prevents the board from exercising meaningful oversight and makes it impossible to remove Musk against his will." [1] Anders Schelde, CIO of Akademikerpension, described the company as "not only severely overvalued but also suffering from a disastrous corporate governance structure" [2].
Market predictions ahead of the IPO indicated a valuation of at least $1.8 trillion for SpaceX, which Akademikerpension called difficult to justify and excessively high [1, 2, 3]. The fund announced it would not participate in the IPO nor purchase shares on the secondary market [3].
Other major institutional investors, including CalPERS and the New York State Common Retirement Fund, have previously voiced concerns about SpaceX’s super voting rights structure, which consolidates Musk’s control and limits board independence [3].
Requests for comment from SpaceX regarding Akademikerpension’s decision were not immediately answered [1, 3].
Akademikerpension’s public announcement came one day before the planned IPO, signaling early resistance from large institutional investors to the terms of SpaceX’s public offering [1, 2, 3].
