Danish pension fund blacklists SpaceX: governance situation concerning, valuation severely overestimated

According to Jinshi reports, the Danish pension fund AkademikerPension has decided to place SpaceX on its "exclusion list" due to concerns about the company's governance. This comes as SpaceX prepares for an IPO and seeks to achieve a valuation of at least $1.8 trillion. According to insiders, the company plans to raise up to $75 billion, which, if successful, would become the largest IPO in history.

AkademikerPension manages approximately $25 billion in assets and had previously excluded Tesla (TSLA.O) and U.S. Treasury bonds from its portfolio for sustainability reasons. The fund stated that the "primary reason" for avoiding SpaceX is related to ESG (Environmental, Social, and Governance) factors, "especially the company's extremely poor performance in governance matters."

The pension fund also added, "That said, if we assess that SpaceX represents a highly attractive investment opportunity, then from an investment return perspective, we cannot justify this decision." "However, as long-term investors, our view is that the company's valuation is already severely inflated."