AkademikerPension has added SpaceX to its exclusion list, citing
governance-related ESG concerns. The decision comes as SpaceX readies an IPO
targeting at least a $1.8 tln valuation and reportedly seeks to raise up to $75
bln, which would be the largest IPO on record if completed. AkademikerPension,
with about $25 bln in AUM and a history of excluding Tesla (TSLA.O) and US
Treasuries on sustainability grounds, said governance is its primary reason for
avoidance and that, while it would consider investing if risk-adjusted returns
justified it, the company's valuation is already "seriously overvalued."
