AkademikerPension, a Danish pension fund, has placed SpaceX on its portfolio exclusion list ahead of the company's initial public offering [1].
The move signals a growing rift between institutional investors and the governance style of Elon Musk. As SpaceX prepares to transition to a public company, the refusal of a major European fund to participate highlights potential hurdles in attracting conservative institutional capital.
Based in Copenhagen, AkademikerPension manages approximately $25 billion in assets [1]. The fund announced the exclusion on May 29, 2026, citing both structural and financial concerns [2].
Central to the fund's decision is the concentration of power within the aerospace company. According to the fund, Elon Musk maintains 85 percent voting control of SpaceX [3]. This level of authority is viewed by the fund as a risk to corporate stability, a factor they described as a governance failure.
"We cannot invest in a company where governance is catastrophic and the valuation is grossly inflated," a spokesperson for AkademikerPension said [2].
Beyond governance, the fund challenged the current market pricing of the company. AkademikerPension said SpaceX is grossly overvalued at $1.8 trillion [3]. By blacklisting the stock, the fund aims to avoid exposure to what it deems an unsustainable financial bubble.
The decision comes amid a broader climate of scrutiny surrounding the upcoming IPO. While the company remains a dominant force in satellite launches and space exploration, some market observers suggest that the valuation may not align with traditional fiscal metrics.
This institutional pushback coincides with external pressures on the company. Wired editorial staff reported that activists are calling for a boycott of the SpaceX IPO [4].
“We cannot invest in a company where governance is catastrophic and the valuation is grossly inflated.”
The exclusion of SpaceX by a $25 billion fund demonstrates that high growth and technical dominance may not outweigh the demands for traditional corporate governance. If other institutional investors mirror this stance, SpaceX may face limited demand from risk-averse pension funds during its IPO, potentially forcing a valuation correction or a different share structure to attract diverse capital.
