AkademikerPension, the $25 billion Danish pension fund that excluded SpaceX ahead of its June listing, is ready to buy into Anthropic’s initial public offering, its chief investment officer, Anders Schelde, told Bloomberg News in an interview published on 3 November. The AI company “is a completely different animal than SpaceX,” Schelde said, according to Bloomberg.
The two filings show where the difference sits. SpaceX’s prospectus gave Elon Musk 85.1% of the voting power at listing on a 42.5% economic stake, the fund wrote in its exclusion decision. Anthropic’s amended filing of 2 November gives a company owned by its seven co-founders 50.1% of the votes, through a single share with no economic rights.
Musk’s share of the votes is 2.0 times his share of the economics, by our arithmetic.
Business Pill · Concentration
An evergreen Business Engineer explainer on concentration: when a few big pieces make up most of a total. It explains the general idea only and does not discuss SpaceX, Anthropic or this fund.
The key insight: As we read it, the fund is not choosing between a founder-controlled company and an outside-controlled one: both filings give founders control. What separates them, on the documents, is who holds it, how much, and whether it ends.
Bloomberg’s report, by Alastair Marsh, says that after judging SpaceX to be an unacceptable governance risk, Schelde is ready to put the fund he oversees into Anthropic’s IPO. Bloomberg describes AkademikerPension as Copenhagen-based and puts its assets at $25 billion.
The rest of the report is behind Bloomberg’s paywall. We read only its opening, so we do not know whether Schelde named an amount, a price or a valuation at which the fund would buy.
Share of voting power on matters put to shareholders generally, at listing. SpaceX: Elon Musk 85.1%, per AkademikerPension’s 4 June 2026 exclusion decision citing the SpaceX prospectus. Anthropic: the co-founders’ Founder LLC 50.1% through one Class F share, per the S-1/A of 2 November 2026; Anthropic’s Long-Term Benefit Trust separately elects a board majority. The 14.9% and 49.9% remainders are our arithmetic.
Why the Fund Excluded SpaceX
AkademikerPension set out its reasons in a three-page decision dated 4 June 2026, published in Danish on its website. The translations here are ours. The fund said the company’s conduct and structure clashed with its responsible-investment policy in three areas.
On governance, it cited the prospectus: Class A shares carry one vote and Class B shares ten, which left Musk with 85.1% of the votes and 42.5% of the economic interest at listing. The fund said the share structure is permanent, that removing Musk as chief executive requires his own consent, and that the articles impose mandatory arbitration on shareholders, limiting class actions.
It also said a pay package of up to 200 million Class B shares for Musk was approved without an independent compensation committee, because SpaceX uses Nasdaq’s exemptions for a controlled company.
On workers, the fund cited an injury rate at the Starbase site in Texas of 4.3 per 100 employees in 2024, six times the median for comparable space companies, and a 2022 dispute with the National Labor Relations Board.
On price, the fund said SpaceX was expected to list at a $1.8 trillion valuation, while its own view was that even optimistic assumptions would not push the value above $1 trillion. It said it did not seek dialogue with SpaceX first, because a permanent dual-class structure leaves the company immune to the pressure owners normally apply, and pointed to its experience as an active owner of Tesla.
What Anthropic’s Filing Says About Control
Anthropic’s amended S-1, filed on 2 November, sets up several share classes. Class A shares carry one vote each. Class N shares have no votes except where the law requires.
A single share of Class F stock goes to a Founder LLC whose members are Dario Amodei, Daniela Amodei and the five other co-founders. That share carries 50.1% of the voting power on matters put to shareholders generally, including the election of directors other than the Class T directors, and has no economic rights.
Separately, the Long-Term Benefit Trust holds Class T stock, which lets it elect and remove the Class T directors, who make up a majority of the board. The filing describes the trust as intended to be an independent body of five financially disinterested trustees.
The filing says the structure gives the trust and the Founder LLC the ability to elect the whole board, and the Founder LLC the ability to decide every matter put to shareholders “for the foreseeable future”.
Where the Two Structures Differ
Both companies are controlled companies under Nasdaq rules. Anthropic says it does not expect to rely on the exemptions except for its nominating and governance committee. It says a majority of its board is independent, and its audit and compensation committees consist entirely of independent directors.
SpaceX’s control sits with one person, on the fund’s reading of its prospectus. Anthropic’s founder vote sits with an LLC of seven people, and its board majority with the trust.
Anthropic’s founder vote also has an end point. If fewer than three continuing founders remain for 90 consecutive days, a 450-day transition period starts, after which the Class F share is redeemed for no consideration. The fund described SpaceX’s share-class structure as permanent.
The Price Side
SpaceX listed on 12 June at $135 a share and closed at $134.72 on 30 October, its first close below the offer price since 20 August, as we reported on 2 November.
For Anthropic, institutional investors have told the company that its IPO valuation should be around $1.5 trillion to $1.6 trillion, The Wall Street Journal reported on 2 November.
Not every public pension sees Anthropic’s governance the way Schelde does. New York City Comptroller Mark Levine, whose pension funds have $7 million in exposure to Anthropic, urged the company in October to delay its IPO until concerns about safety, governance and the pace of development are addressed.
As we read the fund’s June decision, its objection to SpaceX was less the dual-class shares themselves than their combination with one holder, an 85.1% vote on a 42.5% stake, a CEO who cannot be removed without his consent and a pay package approved without an independent compensation committee.
As we read Anthropic’s S-1/A, the founders’ 50.1% is held by an LLC of seven rather than one person, carries no economic rights, sits beside a trust-elected board majority, and is redeemed after a 450-day transition if fewer than three continuing founders remain.
As we read the two pensions side by side, they reach opposite views of Anthropic’s governance: New York City’s comptroller asked in October for a delay and said on 2 November that the filing raised new concerns, while Schelde told Bloomberg the company is a different animal from SpaceX.
Anders Schelde, chief investment officer, AkademikerPension, to Bloomberg News, 3 November 2026
“is a completely different animal than SpaceX”
Three Implications
FOR ANTHROPIC’S IPO A $25 billion pension that excluded SpaceX on governance grounds says it is ready to buy, according to Bloomberg; the amount and price are not in the part of the report we read.
FOR GOVERNANCE-SCREENED INVESTORS AkademikerPension’s June decision lists the tests it applied to SpaceX: vote concentration, CEO removal, arbitration, pay approval, worker safety and price. Anthropic’s filing addresses several of the same points in its own terms.
FOR SPACEX The stock closed at $134.72 on 30 October, below its $135 offer price, while the fund had put its value at no more than $1 trillion against an expected $1.8 trillion at listing.
The framework describes its top layer, governance, this way: “No longer a passive layer; an active priced variable.”
As we read it, a pension fund excluding one listing over control terms and buying into another is governance being priced at the investor level. The framework discusses governance as model release, procurement and export rules; it does not discuss share classes or pension funds.
What Is Not Established
We have read only the free opening of Bloomberg’s report. It is not established how much AkademikerPension would invest, at what valuation, or whether it has placed an order.
Bloomberg’s headline uses the word catastrophic about SpaceX’s risks; the passage it comes from is behind the paywall, and the word does not appear in the fund’s June decision document.
Anthropic’s filing leaves blank the co-founders’ total voting power including their own shares, so the 50.1% is the Founder LLC’s share alone.
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AkademikerPension excluded SpaceX in June over a structure that gave Musk 85.1% of the votes on a 42.5% stake, and its chief investment officer now tells Bloomberg the fund is ready to buy into Anthropic’s IPO. Anthropic’s filing also gives its founders control, through a 50.1% voting share held by an LLC of seven, with a board majority elected by its trust and an exit clause if fewer than three founders remain.
A note on sourcing. This piece is based on the free opening of Bloomberg News’s 3 November report, AkademikerPension’s 4 June exclusion decision on SpaceX, read in Danish and translated by us, and Anthropic’s amended S-1 filed with the SEC on 2 November. The 2.0 times figure and the chart remainders are our arithmetic. We did not contact AkademikerPension, Anthropic or SpaceX.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
