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North Carolina Treasurer Drops SpaceX Investment, Citing Expensive Valuation

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AuthorAndy Chen

Jun 10, 2026 4:56 PM

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SpaceX is set to price its IPO on Thursday and list on Friday, a potentially historic offering facing skepticism from North Carolina Treasurer Brad Briner. Briner expressed doubts about SpaceX’s valuation, citing a potential $1.75 trillion figure, which he believes limits upside and makes it unsuitable for pension fund investments targeting high-single-digit returns. He stated that while the technology is impressive, the company appears fully priced. This stance contrasts with North Carolina's recent investments in AI companies like OpenAI and Anthropic, with the latter showing significant market value appreciation.

AI-generated summary

TradingKey - SpaceX plans to price on Thursday and list for trading on Friday; this offering, which could become one of the largest IPOs in history, has faced public skepticism from North Carolina State Treasurer Brad Briner.

Briner stated that with the Elon Musk-led SpaceX valued as high as $1.75 trillion, "upside is already limited," and he would not use pension funds for direct purchases.

Briner reportedly manages approximately $200 billion in assets, covering the retirement funds of the state's teachers, firefighters, and police officers.

Briner said on CNBC: "We have had doubts regarding SpaceX’s pricing for about the last year or so."

He further noted that while Musk is a remarkable entrepreneur and SpaceX's technology is awe-inspiring, at a certain point, an asset becomes fully priced. "We aim for predictable high-single-digit returns for retirees, and we must take valuation into account. A $1.75 trillion valuation for SpaceX is clearly a massive figure."

North Carolina reportedly invested approximately $40 million in OpenAI earlier this year and committed about $250 million to Anthropic. According to Briner, the market value of the Anthropic position has now surpassed $600 million.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.

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Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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