Brad Briner, who manages approximately $200 billion for North Carolina's pension fund, expressed skepticism about SpaceX's valuation of $1.77 trillion, stating that it leaves little room for future gains. He highlighted that the pension fund aims for a predictable high single-digit return for retirees and is cautious about overvalued assets.
Instead of investing directly in SpaceX, which is set to price its IPO at $135 per share, Briner has directed funds towards AI startups, having invested about $40 million in OpenAI and $250 million in Anthropic, which have significantly appreciated in value.
Briner indicated that the pension fund plans to gain exposure to SpaceX through index funds after the company goes public, rather than through private market investments