Market indications point to a valuation of at least $1.8 trillion for SpaceX, Akademikerpension said in a statement, adding that it was difficult to justify a market valuation above $1 trillion.
Investors are asked to accept an unprecedentedly low risk premium for a highly uncertain company, the pension fund said.
SpaceX did not immediately respond to a request for comment when contacted by Reuters via email.
Akademikerpension also said the governance structure of SpaceX was “extremely deficient”, adding that Elon Musk is expected to control more than 80% of the voting rights while simultaneously serving as chief executive officer, chief technology officer and chair of the board.
“The extreme concentration of power effectively prevents the board from exercising meaningful oversight and makes it impossible to remove Musk against his will,” Akademikerpension said.