Danish pension fund blacklists SpaceX IPO over governance

This article was published on May 29, 2026 AkademikerPension will not buy SpaceX shares at any price near the $1.8 trillion IPO target, saying the company cannot reasonably be worth more than $1 trillion and that Musk’s voting control makes it effectively uninvestable 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. Schelde’s objection centres on Elon Musk’s control over SpaceX. The company’s S-1 filing revealed that