North Carolina State Treasurer Brad Briner has officially declined to invest the state’s $200 billion pension fund in SpaceX ahead of its anticipated initial public offering. Speaking on CNBC, Briner cited the aerospace giant’s $1.75 trillion valuation as "fully priced," leaving insufficient margin for the high single-digit, predictable returns required by beneficiaries.
Rather than chasing premium valuations in the private market, the fund is redirecting capital toward artificial intelligence leaders, including OpenAI and Anthropic. Briner indicated that while direct pre-IPO exposure is off the table, the pension may seek indirect participation through standard public index funds once SpaceX lists.
The decision highlights a strategic divergence in alternative asset allocation. While North Carolina legislation permits up to 5% exposure to digital assets, Briner maintains a conservative stance, allocating only 0.5% of the portfolio to Bitcoin as a volatility hedge. This contrasts with the emerging market for tokenized SpaceX shares on platforms like Bybit and Kraken, which offer fractionalized access to the company’s equity via blockchain rails.
With the SpaceX IPO targeted for mid-June 2026, Briner’s move underscores a fiduciary priority on risk-adjusted returns over headline-grabbing tech valuations. The fund’s preference for AI infrastructure over space exploration equity signals a calculated bet on near-term technological utility rather than long-term speculative growth.