Danish pension fund AkademikerPension blacklists SpaceX over governance and valuation concerns (thenextweb.com)

• AkademikerPension excludes SpaceX from IPO and secondary market
• Fund values SpaceX at $1 trillion max, half the $1.8 billion target
• Musk holds 85% voting control; US pension funds also raise concerns

"Denmark's AkademikerPension, managing $25 billion for academic professionals, will not participate in SpaceX's IPO or buy secondary shares. CIO Anders Schelde called SpaceX 'grossly overvalued' at a $1.8 trillion target and cited a 'catastrophic governance structure' as the primary reason. The fund estimates SpaceX's fair value at up to $1 trillion. Musk holds 85% voting control through a dual-class structure, leaving public shareholders with no influence. The fund's concerns echo those of US pension giants managing over $1 trillion, who sent a joint letter calling the governance 'extreme'. AkademikerPension has previously divested Tesla and US Treasuries."