Denmark's billion-dollar pension fund blacklists Elon Musk's SpaceX: valuation of $1.8 trillion is seriously inflated, governance is extremely poor

SpaceX prepares to set the largest IPO record in history, but the first "拒絕往來" (refusal to engage) has been issued by an institutional investor! The Danish academic personnel retirement fund (AkademikerPension), with total assets reaching $25 billion, announced today (29th) that it has blacklisted SpaceX from its investment list. The fund not only criticizes SpaceX's poor corporate governance performance but also directly states that its current valuation of $1.8 trillion is "severely overestimated." This marks the fund's latest move to impose strict measures on U.S. assets, following its bans on Tesla and its sale of U.S. Treasuries.
(Background: Building a $3 trillion super giant? Rumors suggest Musk intends to merge Tesla and SpaceX; if successful, the new entity will hold 30k BTC)
(Additional background: SpaceX to go public, Musk challenges the world's first "trillion-dollar" billionaire, forming the Muskonomy ecosystem)

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• Two main reasons for blacklisting: Overvaluation and governance issues
• Viewing the $1.8 trillion "largest IPO in history" with skepticism
• Greater symbolic significance than actual capital impact

Elon Musk’s space business empire is gearing up to make a splash in the capital markets, but not all investors are on board.

According to the latest news today (May 29, 2026), the Danish academic personnel retirement fund (AkademikerPension), managing approximately $24 to $25 billion in assets, has officially added space exploration technology company SpaceX to its "Blacklist," refusing to make any future investments in the company.

Two main reasons for blacklisting: Overvaluation and governance issues

This Nordic retirement fund, known for its aggressive ESG (Environmental, Social, and Corporate Governance) scrutiny, has issued two stern accusations against SpaceX:

• Extremely poor corporate governance: The fund states that SpaceX’s performance in governance matters is "extremely poor," crossing the red line for European institutional investors regarding internal management and social responsibility.
• Severely inflated valuation: Regarding SpaceX’s current private market valuation, the fund bluntly describes it as "grossly overvalued" and "severely inflated."

Anders Schelde, the investment director of AkademikerPension, publicly emphasized that, based on long-term investor prudence, the fund cannot accept SpaceX’s current situation in terms of governance or asset pricing.

Viewing the $1.8 trillion "largest IPO in history" with skepticism

The timing of this blacklist is extremely sensitive. Currently, SpaceX is actively preparing for its initial public offering (IPO). Reports indicate that the company’s target valuation is at least $1.8 trillion, with plans to raise up to $75 billion in the market. If this plan materializes, it will undoubtedly become the largest IPO in global financial history.

However, in the face of such a massive capital feast, AkademikerPension has chosen to oppose it. In fact, this is not the fund’s first display of a tough stance:

• Blacklisting Tesla: The fund previously blacklisted Tesla due to labor union issues and Musk’s political involvement.
• Selling U.S. Treasuries: In early 2026, the fund also sold about $100 million worth of U.S. Treasuries amid concerns over the U.S. fiscal situation.

Greater symbolic significance than actual capital impact

Although AkademikerPension’s statement is strongly worded, market analysis suggests that the "symbolic and political signals" of this decision far outweigh its actual impact on SpaceX.

First, SpaceX is still a private company, making it difficult for general investment institutions to acquire its shares on the public market; the fund likely did not hold any direct positions to begin with. Second, for Wall Street and large global capital, SpaceX’s valuation is based on its rocket launch frequency, explosive growth of Starlink, technological progress of Starship, and large government defense contracts.

A mid-sized Nordic retirement fund’s ESG scorecard is unlikely to shake the global capital frenzy for SpaceX. However, when SpaceX eventually goes public, whether its $1.8 trillion valuation is truly "severely overestimated," as the fund claims, will be answered by the open market.