Danish pension fund excludes SpaceX citing governance and valuation

Danish pension fund Akademikerpension said on Friday it had placed SpaceX on its portfolio exclusion list ahead of the company’s initial public offering, citing concerns about the governance ‌structure ⁠and what ⁠it said was an overvalued stock.

Market indications point to a valuation of at least $1.8 trillion for SpaceX, Akademikerpension said in a statement, adding that it was difficult to justify a market valuation ⁠above $1 trillion.

‌Investors are asked to accept an unprecedentedly low risk premium ⁠for a highly uncertain company, the pension fund said.