‘Catastrophic Governance Structure’ and Murky Financials Complicate SpaceX IPO
Elon Musk is preparing to take SpaceX public, but concerns about its governance and financials are growing among investors. A Danish pension fund has blacklisted the company, citing its valuation as unrealistic and its governance structure as poor. With a targeted valuation of at least $1.8 trillion, doubts are emerging about the sustainability of SpaceX's financial projections and Musk's management style.
- ▪Akademikerpension has barred its fund managers from purchasing SpaceX shares due to perceived risks.
- ▪The pension fund argues that SpaceX's valuation is inflated and driven by Musk's narratives rather than economic realities.
- ▪SpaceX's recent merger with xAI has complicated its financials, with xAI reporting a $2.5 billion operating loss in the first quarter.
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| Original publisher | Gizmodo |
| Canonical URL | https://gizmodo.com/catastrophic-governance-structure-and-murky-financials-complicate-spacex-ipo-2000765052 |
| Publication time | Fri, 29 May 2026 18:40:25 +0000 |
| Retrieval time | 2026-05-29T18:45:02.458Z |
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Opening excerpt (first ~120 words) tap to expand
Elon Musk will soon sell shares of SpaceX to the public. With weeks left until what could be the biggest IPO to ever hit the market, investors are getting a bit worried. A Danish pension fund, Akademikerpension, decided on Friday to place SpaceX on its black list, barring all of its fund managers from purchasing SpaceX shares and deeming the company too risky for investment.cnx.cmd.push(function(){cnx({"playerId":"92b7b46b-43ed-4e0e-b21b-2c999302d9d7","settings":{"advertising":{"macros":{"AD_UNIT":"/23178111854/od.gizmodo.com/article","CHILD_UNIT":"article","POST_ID":"2000765052","POST_TYPE":"post","CHANNEL":"tech","SECTION":"commerce","SUBSECTION":"","CATEGORIES":"commerce","TAGS":"elon-musk,spacex,xai","NOP":"0"},"timeBeforeFirstAd":0}}}).render("cnx-player-main")}); The fund believes…
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