--- title: "Danish Pension Fund Blacklists SpaceX: Inflated Valuation and \"Catastrophic\" Governance" type: "News" locale: "en" url: "https://longbridge.com/en/news/288110392.md" description: "The Chief Investment Officer of the Danish pension fund stated that SpaceX's reasonable valuation should not exceed $1 trillion, while the company's IPO target valuation is at least $1.8 trillion, indicating that SpaceX's pricing is driven more by Musk's \"narrative\" than by fundamentals. He also noted that SpaceX has a \"catastrophic\" governance structure, with Musk expected to control approximately 80% of the voting rights while serving simultaneously as CEO, CTO, and Chairman of the Board" datetime: "2026-05-29T19:58:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288110392.md) - [en](https://longbridge.com/en/news/288110392.md) - [zh-HK](https://longbridge.com/zh-HK/news/288110392.md) --- # Danish Pension Fund Blacklists SpaceX: Inflated Valuation and "Catastrophic" Governance The Danish pension fund AkademikerPension announced that it has blacklisted SpaceX from its investment portfolio, citing the company's severely inflated valuation and "catastrophic" governance structure issues. This marks one of the most direct public challenges from an institutional investor since SpaceX began its IPO process. Anders Schelde, the fund's Chief Investment Officer, stated that **SpaceX's reasonable valuation "should not exceed $1 trillion," whereas the company's IPO target valuation is at least $1.8 trillion, representing a significant premium.** He pointed out that even if the valuation were reasonable, **AkademikerPension would still refuse to participate due to governance concerns—Musk is expected to control approximately 80% of the voting rights while holding the triple roles of Chief Executive Officer, Chief Technology Officer, and Chairman of the Board.** AkademikerPension stated that its concerns regarding SpaceX align with those of several U.S. pension funds. **The fund has decided not only to reject participation in the IPO but also to avoid any secondary market transactions involving SpaceX, including holdings through its passive index portfolios.** ## Governance Structure Raises Widespread Alerts AkademikerPension's criticism of SpaceX's governance issues is not an isolated voice. New York City Comptroller Mark Levine, Marcie Frost, CEO of the California Public Employees' Retirement System (CalPERS), and New York State Comptroller Thomas DiNapoli jointly sent a letter to Musk on May 14, **expressing "serious concern" over SpaceX's so-called "extreme governance structure."** SpaceX filed its IPO application documents on May 20. The filings revealed that Musk holds "near-absolute control" over the company and included a compensation package valued at $779 billion. SpaceX is expected to launch its formal roadshow as early as next month. Five lead underwriters, including Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, along with 18 other banks, are jointly leading this IPO. ## Valuation Logic Questioned Regarding valuation, AkademikerPension believes that **SpaceX's pricing is driven more by Musk's "narrative"** rather than economic reality, requiring investors to accept an "unprecedented low risk premium" for a "highly uncertain company." In February this year, SpaceX announced the acquisition of xAI, another company owned by Musk, whose assets include the chatbot Grok and the social media platform X. According to Bloomberg, at the time the transaction was completed, SpaceX was valued at $1 trillion, and xAI was valued at $250 billion. The target valuation for this IPO represents a substantial leap from that figure. Anders Schelde stated that the fund **"had hoped to invest in SpaceX and its technology,"** and that the refusal to participate **"is not a denial of its technological or engineering prowess,"** but rather a judgment made after comprehensive consideration of valuation and governance risks. ## An "Alternative" Pension Fund That Frequently Takes Action With assets under management of approximately $25 billion, AkademikerPension is not large in scale, but it has accumulated considerable renown in the industry for its distinct investment stances. Last year, the fund sold its shares in Tesla, citing concerns that Musk was "damaging" the company's brand and value. In January this year, the fund announced the sale of U.S. Treasury bonds, based on its assessment of the U.S. government's creditworthiness, deeming it "not a high-quality debtor"—a move that attracted widespread attention as it coincided with the Trump administration pressuring Denmark over the issue of Greenland. Regarding SpaceX, Anders Schelde explicitly stated that the fund's blacklist covers IPO subscriptions and any form of secondary market transactions, including indirect holdings through indexed equity portfolios, demonstrating a clear and thorough stance. ### Related Stocks - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [DXYZ.US](https://longbridge.com/en/quote/DXYZ.US.md) - [VCX.US](https://longbridge.com/en/quote/VCX.US.md) - [PEX.US](https://longbridge.com/en/quote/PEX.US.md) - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [BAC.US](https://longbridge.com/en/quote/BAC.US.md) - [C.US](https://longbridge.com/en/quote/C.US.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [W4VR.SG](https://longbridge.com/en/quote/W4VR.SG.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [BAC-Q.US](https://longbridge.com/en/quote/BAC-Q.US.md) - [BML-L.US](https://longbridge.com/en/quote/BML-L.US.md) - [BAC-L.US](https://longbridge.com/en/quote/BAC-L.US.md) - [BAC-K.US](https://longbridge.com/en/quote/BAC-K.US.md) - [BML-H.US](https://longbridge.com/en/quote/BML-H.US.md) - [BAC-N.US](https://longbridge.com/en/quote/BAC-N.US.md) - [BAC-E.US](https://longbridge.com/en/quote/BAC-E.US.md) - [MER-K.US](https://longbridge.com/en/quote/MER-K.US.md) - [BAC-O.US](https://longbridge.com/en/quote/BAC-O.US.md) - [BML-G.US](https://longbridge.com/en/quote/BML-G.US.md) - [BAC-M.US](https://longbridge.com/en/quote/BAC-M.US.md) - [BAC-B.US](https://longbridge.com/en/quote/BAC-B.US.md) - [BML-J.US](https://longbridge.com/en/quote/BML-J.US.md) - [BAC-S.US](https://longbridge.com/en/quote/BAC-S.US.md) - [BAC-P.US](https://longbridge.com/en/quote/BAC-P.US.md) - [8648.JP](https://longbridge.com/en/quote/8648.JP.md) - [C-R.US](https://longbridge.com/en/quote/C-R.US.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) ## Related News & Research - [4 market pros told us whether they'd buy the SpaceX IPO](https://longbridge.com/en/news/288049103.md) - [SpaceX IPO valuation reports clash ahead of record listing](https://longbridge.com/en/news/288148394.md) - [SpaceX IPO Hype Collides With Musk’s Warning on Flagship AI Deal](https://longbridge.com/en/news/287933671.md) - [SpaceX Public Listing Hits Setback After Pension Giant Dismisses Musk’s Proposal](https://longbridge.com/en/news/288094488.md) - [Goldman Steps Up for SpaceX IPO; Musk Sets Six-Month Anthropic Condition](https://longbridge.com/en/news/287964355.md)