Denmark's $25 billion AkademikerPension is preparing to buy Anthropic shares through its IPO, viewing the AI startup's governance and safety commitments as more acceptable for ESG investors than Space Exploration Technologies Corp (NASDAQ:SPCX). Chief Investment Officer Anders Schelde told Bloomberg that Anthropic is "a completely different animal than SpaceX," after saying earlier this year that Elon Musk's control of SpaceX "created a catastrophic governance structure." New York City Comptroller Mark Levine and other institutional investors objected before the offering to provisions expected to leave Musk with approximately 79% of the voting power despite holding about 42% of the equity; Musk also serves as CEO, chief technology officer and board chairman. Levine said the governance arrangements at SpaceX and Anthropic represent a more pronounced shift, stating "what we saw in SpaceX, and now what we're seeing in Anthropic, really, it's at a whole new level." The pension fund, which has excluded SpaceX from its passive and active funds, intends to include Anthropic in its passive holdings, while any decision to buy shares for its actively managed portfolio will depend on the company's valuation, Schelde said, acknowledging AI sector risks: "In all likelihood, this will end in a bubble. The big question is the timing. And as we see it, it's a little too early to call it a bubble." Anthropic's governance model gives its seven co-founders significant voting power through a Founder LLC, while an independent Long-Term Benefit Trust