Danish Pension Fund Drops SpaceX Over Governance and Valuation Concerns

AkademikerPension, a Danish pension fund, has divested from SpaceX, pointing to weak corporate governance and an inflated private valuation as the core reasons. The fund’s exit signals growing institutional unease with how Elon Musk’s privately held companies are structured and priced, particularly in the absence of the disclosure requirements that apply to public firms.

The move adds to a broader pattern of European pension funds reassessing their exposure to Musk-led ventures, where concentrated control and limited transparency complicate standard ESG and risk frameworks. For SpaceX, which has relied on secondary share sales to support eye-watering valuations, pushback from long-horizon institutional capital could narrow the pool of willing buyers.