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

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."