Akademikerpension Blacklists SpaceX Over $1.8 Trillion IPO Valuation as Fund Flags Governance Risks
Updated
Updated · Gizmodo · May 29
Akademikerpension Blacklists SpaceX Over $1.8 Trillion IPO Valuation as Fund Flags Governance Risks
4 articles · Updated · Gizmodo · May 29
Akademikerpension barred all its managers from buying SpaceX shares, saying the company is too risky weeks before a planned June IPO that could value it at at least $1.8 trillion.
The Danish fund said SpaceX's governance is "catastrophic" because Elon Musk would remain CEO, CTO and board chair while controlling most voting shares, leaving the board with little effective oversight.
Its valuation case also hinges on disputed financial assumptions after SpaceX's merger with xAI, which posted a $2.5 billion operating loss in the first quarter and has raised concerns about cash burn.
A $15 billion-a-year Anthropic leasing arrangement came under fresh scrutiny after Musk suggested it could be canceled, fueling questions over whether expected revenue may fall short of the roughly $45 billion investors anticipated.
Akademikerpension argues SpaceX is worth no more than $1 trillion even under optimistic assumptions, and said major U.S. public pension funds have already voiced similar objections to the IPO structure.
Is this pension fund's warning a sign that the SpaceX IPO bubble is about to burst?
Why is a Danish fund rejecting the world's biggest IPO while others are diving into private markets?