Denmark's Akademikerpension confirmed that it has placed SpaceX on its exclusion list. The fund cited its apprehensions regarding the company's governance structure, which it describes as "extremely deficient." Additionally, Akademikerpension expressed skepticism about the current valuation of SpaceX, estimated to be around $1.8 trillion, stating that justifying a market valuation above $1 trillion is challenging, especially considering the risks involved.

The pension fund highlighted that investors are expected to accept an unusually low risk premium for a company characterized by high uncertainty. Furthermore, they raised concerns over Elon Musk's control, noting that he is expected to hold more than 80% of voting rights while serving in multiple leadership roles, including CEO and chair of the board. This concentration of power is viewed as obstructive, limiting the board's ability to exercise meaningful oversight and makes it exceedingly difficult to remove Musk against his will.

Despite these concerns, SpaceX did not respond immediately to requests for comment. As the company prepares for its IPO, the decision by Akademikerpension underscores the increasing scrutiny on corporate governance and market valuations in the tech and aerospace sectors. This move reflects a growing trend among institutional investors to prioritize robust governance metrics alongside financial evaluations in their investment decisions.