Pensions & Investments reported that several pension funds called SpaceX governance reckless ahead of a potential IPO. The funds cited concentrated control, limited transparency, and questions about board independence and risk oversight. They warned of forced buying pressures if index and benchmark mandates require purchasing shares after a listing. SpaceX has used company-led secondary tenders, with media reporting valuations above $180 billion in 2024. Underwriters and counsel typically address such concerns with detailed prospectus disclosures and governance structures, including independent directors and potential voting right sunsets. Founders preparing for public markets can mitigate risks by clarifying governance, tender policies, and disclosures early.
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