Danish Pension Fund Akademikerpension Excludes SpaceX Over Governance, Valuation

COPENHAGEN (Reuters) — Danish pension fund Akademikerpension on May 29, 2026 excluded SpaceX from its investment portfolio ahead of the company’s anticipated IPO, citing governance deficiencies and what it considers an overvalued stock. Market indications suggest SpaceX could be valued at $1.8 trillion, but Akademikerpension argues a valuation above $1 trillion is hard to justify, saying investors are being asked to accept an unprecedentedly low risk premium for a highly uncertain company. The fund also criticized SpaceX’s “extremely deficient” governance structure, noting that Elon Musk is expected to control more than 80% of voting rights while serving as CEO, CTO and board chair, effectively preventing meaningful board oversight and making it impossible to remove him against his will. SpaceX did not immediately respond to a request for comment.