Sustainable‑focused managers are publicly rejecting the upcoming SpaceX IPO, calling its governance structure untenable. Zevin Asset Management’s Marcela Pinilla warned that Elon Musk would retain roughly 80% of voting rights, while also serving as CEO, CTO and board chair. Investors fear a company that “cannot be sued, cannot be sold, cannot be contested,” and could deter long‑term capital.

Other custodians echo the concern. Denmark’s AkademikerPension labeled SpaceX “grossly overvalued” and “catastrophic” on governance, while UK‑based EdenTree, overseeing $4.3 billion, said minority protections would be eroded. New York City Comptroller Mark Levine called Musk’s control “way beyond” typical founder rights, and the Council of Institutional Investors urged the firm to revise key provisions before pricing. Their statements signal a broader shift in institutional risk.

Despite the backlash, demand remains fierce; the IPO is more than four times oversubscribed. The offering totals $75 billion, valuing SpaceX near $1.8 trillion. Short‑seller James Chanos warned that $19 billion in revenue coupled with negative free cash flow makes the price speculative. Investors weighing the trade‑off must scrutinize the voting pact.