Denmark’s $25 billion pension fund AkademikerPension has reportedly blacklisted SpaceX ahead of the company’s expected IPO, calling its governance structure ‘catastrophic’ and warning that ordinary investors would have little real control over the company. The fund said Elon Musk is expected to retain very strong voting power even after a public listing while continuing to dominate key leadership roles within the company, reports Bloomberg. AkademikerPension also criticized reports that SpaceX could seek a valuation close to $1.8 trillion, arguing that such pricing is far beyond what long-term institutional investors can reasonably justify.
The central issue is governance. According to the fund’s chief investment officer, Anders Schelde, Musk is expected to retain overwhelming voting control in SpaceX even after any eventual listing, potentially controlling more than 80% of voting rights. Reports surrounding the proposed IPO structure also suggest Musk could retain veto power over any attempt to remove him as CEO while simultaneously serving as chief executive officer, chief technology officer and board chair. According to reports, pension officials from New York State, California and New York City – collectively overseeing more than $1 trillion in retirement assets – have warned that the proposed structure could become the most management-favourable governance structure ever brought to the US public markets at this scale.
The governance concerns go beyond voting power. According to reports reviewing the IPO documents, SpaceX was incorporated in Texas, where recent legal changes make shareholder lawsuits significantly harder to pursue. Investors may need to own as much as 3% of outstanding shares to file certain derivative claims, a threshold that at SpaceX’s projected valuation would require holdings worth tens of billions of dollars. The company is also reportedly considering mandatory arbitration clauses for shareholder disputes and provisions limiting class-action litigation. Therefore, concerns have been raised that these measures could severely weaken protections for minority shareholders while giving Musk unprecedented insulation from investor pressure.
The decision places one of Europe’s best-known pension investors directly against what could become the largest IPO in financial history. Notably, SpaceX is reportedly targeting a public offering that could raise up to $75 billion, potentially surpassing Saudi Aramco’s record-breaking 2019 IPO.
This is not the first time AkademikerPension has taken an aggressive governance-focused investment stance. In recent years, the Danish pension fund has publicly challenged several Musk-related businesses and has also moved to reduce its exposure to US assets more broadly. Earlier in 2026, the fund announced plans to exit US Treasury holdings worth around $100 million, citing concerns over American fiscal sustainability, political unpredictability and long-term sovereign risk.
The Tech Portal is published by Blue Box Media Private Limited. Our investors have no influence over our reporting. Read our full Ownership and Funding Disclosure →
Ashutosh is a Senior Writer at The Tech Portal, largely reporting on new tech, and intersection of technology and business. Ashutosh’s career spans across nearly a decade of technology writing across multiple platforms and languages.
