Core Data & Valuation Skepticism (Friday, May 29, 2026):
- The Blacklist: Danish pension fund Akademikerpension officially placed Elon Musk’s SpaceX on its portfolio exclusion list ahead of the rocket maker’s highly anticipated blockbuster initial public offering (IPO).
- The Valuation Disconnect: SpaceX is currently targeting an IPO market valuation of at least $1.8 trillion. Akademikerpension explicitly disputed this pricing, stating it is highly difficult to fundamentally justify any market valuation above $1 trillion.
- Risk Premium: The fund warned that current market hype forces institutional investors to accept an “unprecedentedly low risk premium” for what remains a highly uncertain, capital-intensive company.
Governance Concerns & Concentration of Power:
- Extreme Concentration: The pension fund categorized SpaceX’s corporate governance structure as “extremely deficient.”
- The Musk Monocracy: Elon Musk is expected to command more than 80% of the voting rights post-IPO, while simultaneously retaining a triple executive crown as CEO, Chief Technology Officer (CTO), and Chairman of the Board.
- Lack of Oversight: Akademikerpension concluded that this extreme concentration of equity control effectively strips the board of directors of any meaningful oversight capabilities, rendering it entirely “impossible to remove Musk against his will.”