SpaceX Delisted by Danish Pension Fund
Alina Collins
A Danish pension fund publicly refused to invest in SpaceX's IPO, citing a $1.8 trillion valuation divorced from reality and Musk's near-absolute control — institutional investors are voting with their feet.
Why did this pension fund say "no"?
Denmark's AkademikerPension believes SpaceX's fair value is no more than $1 trillion, yet the IPO targets at least $1.8 trillion.
CIO Anders Schelde says the pricing is driven by Musk's narrative, not economic reality.
In plain terms = paying $1.80 for something worth $1, with high risk and almost no discount — professional investors chose to walk away.
How extreme is the governance structure?
Musk is expected to hold roughly 80% of voting rights while serving as CEO, CTO, and board chair simultaneously.
New York City Comptroller Mark Levine, CalPERS CEO Marcie Frost, and New York State Comptroller Thomas DiNapoli have already co-signed a letter of serious concern.
This means → even as a shareholder, you would have virtually no say in major decisions — the exact structure institutional investors refuse to accept.
What else is buried in the IPO filing?
The prospectus filed on May 20 includes a compensation package worth $779 billion.
This reflects Musk's intent to lock in massive economic value on top of voting control — together, the two sharply raise the risk of diluting outside shareholders.
Where will SpaceX's money go?
The IPO targets $75 billion in proceeds; the roadshow may start as early as June 4, with Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan as joint leads.
After the all-stock acquisition of xAI in February, cash needs surged: xAI burns roughly $1 billion per month on AI training and compute infrastructure.
SpaceX's AI segment posted $6.4 billion in operating losses for 2025 and about $2.5 billion in Q1 2026 — Starlink generates cash, but xAI is consuming it fast.
Content is for reference only, not financial advice.