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SpaceX facilities in Hawthorne, California.

A $25 billion Danish pension fund that earlier this year made headlines by ditching Treasuries as Donald Trump was threatening to seize Greenland now says it won’t touch SpaceX .

The company, which is targeting a valuation of at least $1.8 trillion in its initial public offering, is not only “grossly overvalued” but also marred by a “catastrophic governance structure,” according to Anders Schelde , the chief investment officer of AkademikerPension .