Denmark's pension fund blacklists SpaceX, slams Musk's "disastrous governance" and inflated $1.8 trillion valuation

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Denmark's pension fund AkademikerPension, with USD 25 billion in assets, has announced it is blacklisting SpaceX, not only criticizing its USD 1.8 trillion target valuation as "severely inflated," but also pointing directly at Musk simultaneously serving as CEO, CTO, and Chairman while holding 80% of voting rights as a "disastrous governance structure." (Background: From USD 29 to USD 750 per month: GitHub Copilot switches to Token-based usage billing, developer community erupts) (Context: Sweden's photonics manufacturer SIVE, championed by AI stock guru Serenity, expected to see further upward revisions?) It is reported that Anders Schelde, Chief Investment Officer of Denmark's pension fund AkademikerPension, explicitly stated in an email that the fund will not touch SpaceX, citing its "severely inflated" valuation and "utterly disastrous" governance structure. According to Bloomberg, we know that SpaceX filed its IPO application on May 20, and is expected to launch its formal roadshow marketing next month. However, AkademikerPension's internal calculations conclude that SpaceX's reasonable valuation "cannot reasonably exceed USD 1 trillion," only slightly more than half of the market's asking price, so from an investment return perspective, there is no reason to participate in this IPO. Schelde bluntly stated that investors in this IPO are essentially being asked to accept an "unprecedented low risk premium" for a "highly uncertain company," and the driver of pricing comes less from fundamentals and more from reliance on Musk's "personal narrative" rather than "economic reality." What equally deters AkademikerPension is governance. Schelde emphasized that even if the valuation were reasonable, the fund would still blacklist SpaceX. Bloomberg Industry Research's interpretation of the IPO filing: Musk has "near-absolute control" over SpaceX, expected to hold approximately 80% of voting rights, while single-handedly taking on the three roles of CEO, CTO, and Chairman, "exposing major governance concerns." On May 14 this year, New York City Comptroller Mark Levine, CalPERS (California Public Employees' Retirement System) CEO Marcie Frost, and New York State Comptroller Thomas DiNapoli also jointly wrote to Musk, expressing serious concerns about what they called SpaceX's "extreme governance structure." The assets managed by these three funds are measured in trillions of dollars, and their collective voice carries weight far beyond that of an ordinary shareholder letter. Interestingly, AkademikerPension's attitude toward the equally high-profile OpenAI is markedly different. Schelde revealed that the ChatGPT developer just prevailed earlier this month in a lawsuit brought by Musk, who had accused OpenAI of pivoting to a for-profit structure and betraying its original public-benefit mission. Schelde said, "OpenAI will likely enter our passive equity portfolio after its IPO, provided it is included in the relevant market indices." As for whether it will be included in the actively managed portfolio, that will depend on its IPO valuation and risk assessment. Of course, for SpaceX, the amount of this blacklisting may be insignificant. But the question it raises is an unavoidable challenge in this epic IPO: when a company's valuation relies heavily on the founder's personal narrative, and power is highly concentrated in one person's hands, how should institutional investors price the risk?

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