AkademikerPension, a $25 billion Danish pension fund, has blacklisted SpaceX due to what it calls catastrophic governance issues and concerns over the company’s valuation ahead of its planned IPO [1, 2].
The pension fund’s chief investment officer, Anders Schelde, said SpaceX is "not only 'grossly overvalued' but also marred by a 'catastrophic governance structure.'" He added that "even if the valuation were reasonable, AkademikerPension would still feel compelled to blacklist SpaceX as Musk is expected to control some 80% of the voting rights, while serving as CEO, CTO, and board chair" [1, 2].
SpaceX filed for its IPO on May 20, 2026. The filing revealed that Elon Musk is expected to maintain near-absolute control of the company, with about 80% of voting rights and multiple key executive positions simultaneously, including CEO, CTO, and board chair [2].
New York and California state officials published a letter on May 14 raising serious concerns about SpaceX’s extreme governance structure, echoing similar worries from institutional investors [2]. AkademikerPension has also shared its concerns about governance with several U.S. pension funds [2].
SpaceX recently acquired Musk’s AI company xAI in February 2026, then valuing SpaceX at $1 trillion and xAI at $250 billion. Following this, SpaceX has been targeting a valuation of at least $1.8 trillion in its upcoming public offering [1, 2].
AkademikerPension disputes this valuation, calculating that SpaceX’s true value cannot reasonably exceed $1 trillion. The fund also warns that investors are being asked to accept an unprecedentedly low risk premium for a company with uncertain fundamentals, driven more by Musk’s narratives than by economic realities [2].
SpaceX is expected to start formal marketing of its IPO in June 2026 [2].
