SpaceX is gearing up for what could be the largest IPO in history, but not every institutional investor is on board. Denmark's AkademikerPension, managing roughly $25 billion in assets, announced today it has officially blacklisted SpaceX, effectively barring any future investment in the company. The fund is known for its aggressive ESG screening.
Two Core Grievances: Inflated Valuation and Governance Failures
AkademikerPension leveled two major accusations against SpaceX. The first is governance: the fund described SpaceX's performance on governance matters as "extremely poor," crossing the red line for European institutional investors on internal management and social responsibility. The second is pricing: the fund called SpaceX's current valuation in private markets "grossly overvalued" and "severely inflated." Chief Investment Officer Anders Schelde stated that, based on long-standing fiduciary prudence, the fund cannot accept the current state of affairs at SpaceX.
A Cold Shoulder to a $1.8 Trillion 'Record IPO'
The timing of the blacklist announcement is particularly sensitive. SpaceX is actively preparing for an initial public offering, targeting a valuation of at least $1.8 trillion and aiming to raise up to $75 billion. If realized, it would be the biggest IPO in global financial history. Yet AkademikerPension is walking the other way. The same fund previously blacklisted Tesla over labor union issues and Elon Musk's political involvement, and early in 2026 it sold off about $100 million in U.S. Treasuries over fiscal concerns.
Symbolic Signal More Than Financial Blow
Despite the strong language, analysts say the move carries more symbolic and political weight than actual financial impact on SpaceX. The company remains private, and most institutions already have limited access to its shares; the fund likely never held a direct stake. Wall Street and global capital markets are more focused on SpaceX's launch cadence, Starlink's explosive growth, Starship's technical milestones, and massive government defense contracts. A single Nordic pension fund's ESG scorecard is unlikely to cool the global frenzy around SpaceX. When the company eventually lists, the public market will deliver the ultimate verdict on whether that $1.8 trillion price tag is indeed overvalued.