Danish Pension Fund Blacklists SpaceX: Raises Concerns Over Governance and Heavily Overvalued

Odaily reported that Danish pension fund AkademikerPension has decided to add SpaceX to its "exclusion list," citing concerns over the company's governance. This decision comes as SpaceX prepares for an IPO, aiming for a valuation of at least $1.8 trillion. According to sources familiar with the matter, the company plans to raise up to $75 billion, which, if successful, would make it the largest IPO in history. AkademikerPension, which manages approximately $25 billion in assets, has previously excluded Tesla (TSLA.O) and U.S. Treasury bonds from its portfolio due to sustainability considerations.

The fund stated that its "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 added: "That said, if we assessed that SpaceX represented a highly attractive investment opportunity, we could not justify this decision from a return-on-investment perspective." "However, as long-term investors, our view is that the company's valuation is also seriously overvalued." (Jin Shi)