Danish pension provider Velliv has excluded SpaceX from its investment universe following the company's stock market debut, citing concerns over both its valuation and corporate governance structure.

SpaceX completed its long-awaited initial public offering (IPO) on 12 June 2026, in what Velliv described as the largest stock market listing ever.

The company is expected to be included in several major equity indices, including those tracked by funds in which Velliv invests.

However, Velliv said it had decided to exclude the stock following a comprehensive assessment of investment and governance considerations.

The pension provider argued that SpaceX's market valuation remains largely untested and could be artificially supported in the short term by inflows from passive investors as the company is added to benchmark indices.

Velliv also highlighted uncertainty about whether the valuation would prove sustainable in the longer term, particularly given the potential issuance of additional shares in the coming months.

Indeed, the provider suggested the stock could experience heightened volatility until a more stable, market-driven valuation emerges.

Alongside its investment concerns, Velliv pointed to what it described as significant corporate governance issues.

According to the pension provider, SpaceX's management structure imposes restrictions that limit shareholders' ability to influence or hold the company's founder and management team accountable.

While Velliv acknowledged that individual governance features may not be problematic in isolation, it argued that the overall combination of restrictions is more extensive than those typically seen at comparable companies.

"The combination of these factors means that Velliv excludes SpaceX from the investment universe," the company stated.

Velliv noted that the decision is expected to have only a limited impact on portfolio risk and returns, given the company's relatively small weighting in relevant indices during the early stages following its listing.

The provider added that it would continue to monitor developments and would reassess whether there are grounds to lift the exclusion in the future.

More broadly, Velliv said the decision reflects growing concerns about trends in the US market, where corporate management teams are increasingly being granted greater control at the expense of shareholder rights.

The pension provider argued that SpaceX's governance arrangements exemplify this trend and were a contributing factor in its decision to exclude the stock.

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