AkademikerPension, a $25 billion Danish pension fund, has announced its decision to blacklist SpaceX ahead of the company's anticipated initial public offering (IPO). The fund's Chief Investment Officer, Anders Schelde, expressed that SpaceX is not only 'grossly overvalued' at a target valuation of $1.8 trillion but also suffers from a 'catastrophic governance structure.' Musk's significant control, with around 80% of voting rights while holding multiple executive roles, raises red flags for potential investors. This sentiment is echoed by several US pension funds, which have also raised concerns about SpaceX's governance. Despite its innovative technology, AkademikerPension's decision stems from a belief that the risks associated with SpaceX's governance and valuation are too high. The fund is, however, looking at investing in OpenAI, contingent upon its IPO valuation. AkademikerPension has made headlines previously for its bold investment decisions, including selling its Tesla shares last year due to worries over Musk's impact on the company's reputation.