Danish pension fund blacklists SpaceX IPO over governance

Denmark's AkademikerPension ($25B AUM) has blacklisted SpaceX's upcoming IPO, calling the company 'grossly overvalued' at $1.8 trillion and citing a 'catastrophic governance structure.' Chief investment officer Anders Schelde argues SpaceX's fair value is closer to $1 trillion. The core objection is Elon Musk's 85% voting control via dual-class shares, his simultaneous roles as CEO, CTO, and board chair, and the inability of public shareholders to remove him. The fund will also avoid indexed products containing SpaceX. Larger US pension funds managing over $1 trillion collectively have raised similar alarms, calling it the most management-favorable governance structure ever brought to US public markets at this scale. SpaceX targets a $75B capital raise with 30% allocated to retail investors, trades at ~96x 2025 revenue, and lost $4.94B last year after absorbing xAI.