Key Takeaways
- • Danish pension fund Akademikerpension has placed SpaceX on its portfolio exclusion list ahead of the company's initial public offering, citing governance concerns and valuation.
- • Akademikerpension says market indications point to a SpaceX valuation of at least $1.8 trillion, which it considers difficult to justify above $1 trillion.
- • The fund describes the governance structure as "extremely deficient," noting Elon Musk is expected to control more than 80% of voting rights while serving as CEO, CTO and board chair.
- • SpaceX had not immediately responded to Reuters' request for comment at the time of publication.
Summary
Danish pension fund Akademikerpension said on Friday, May 29, 2026, that it had placed SpaceX on its portfolio exclusion list ahead of the company's planned initial public offering, according to Reuters. The fund cited concerns about the company's governance structure and what it characterized as an overvalued stock.
In a statement, Akademikerpension said market indications point to a valuation of at least $1.8 trillion for SpaceX, adding that it was difficult to justify a market valuation above $1 trillion. The fund said investors are being asked to accept an unprecedentedly low risk premium for a highly uncertain company.
On governance, Akademikerpension described the structure of SpaceX as "extremely deficient." It said Elon Musk is expected to control more than 80% of the voting rights while simultaneously serving as chief executive officer, chief technology officer and chair of the board. "The extreme concentration of power effectively prevents the board from exercising meaningful oversight and makes it impossible to remove Musk against his will," the fund said.
SpaceX did not immediately respond to a request for comment sent by Reuters via email. The report was filed by Reuters correspondent Louise Rasmussen from Copenhagen.
In a statement, Akademikerpension said market indications point to a valuation of at least $1.8 trillion for SpaceX, adding that it was difficult to justify a market valuation above $1 trillion. The fund said investors are being asked to accept an unprecedentedly low risk premium for a highly uncertain company.
On governance, Akademikerpension described the structure of SpaceX as "extremely deficient." It said Elon Musk is expected to control more than 80% of the voting rights while simultaneously serving as chief executive officer, chief technology officer and chair of the board. "The extreme concentration of power effectively prevents the board from exercising meaningful oversight and makes it impossible to remove Musk against his will," the fund said.
SpaceX did not immediately respond to a request for comment sent by Reuters via email. The report was filed by Reuters correspondent Louise Rasmussen from Copenhagen.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.