TechFlow News, May 29: Danish pension fund AkademikerPension has decided to add SpaceX to its “exclusion list,” citing concerns over the company’s governance practices. This decision comes as SpaceX prepares for its IPO, aiming for a valuation of at least $1.8 trillion. According to sources familiar with the matter, the company plans to raise up to $75 billion in funding—potentially making it the largest IPO in history, should it succeed.
AkademikerPension manages approximately $25 billion in assets and previously excluded Tesla (TSLA.O) and U.S. Treasury securities from its portfolio due to sustainability considerations. The fund stated that its “primary reason” for excluding SpaceX relates to ESG (environmental, social, and governance) factors—“particularly the company’s extremely poor performance on governance matters.” It added: “That said, if we assessed SpaceX as representing a highly attractive investment opportunity, we would be unable to justify this decision from a return-on-investment perspective.” “However, as long-term investors, our view is that the company’s valuation is already severely inflated.” (Jinshi)
