North Carolina Treasurer Passes on SpaceX IPO, Backs OpenAI and Anthropic
North Carolina State Treasurer Brad Briner declined to buy a direct stake in SpaceX ahead of its IPO, citing valuation concerns, and said the state's pension fund has instead put capital into AI startups. According to CNBC, Briner, who oversees roughly $200 billion in pension assets, called SpaceX's roughly $1.75 trillion to $1.8 trillion valuation "fully priced" and said the state seeks a "high single digit, predictable rate of return." CNBC reports the IPO is expected to offer 555.6 million shares at $135 each, raising about $75 billion. Briner told CNBC the state invested about $40 million in OpenAI and committed roughly $250 million to Anthropic earlier this year, and that the Anthropic stake is now worth more than $600 million.
What happened
According to CNBC, North Carolina State Treasurer Brad Briner said the state's pension fund passed on taking a direct stake in SpaceX ahead of the company's IPO because of valuation concerns. Briner told CNBC that SpaceX's valuation near $1.75 trillion to $1.8 trillion was "fully priced," and that the fund aims for a "high single digit, predictable rate of return." CNBC reports SpaceX plans to sell 555.6 million shares at $135 apiece, raising roughly $75 billion, with trading expected to begin Friday.
Technical details
Per CNBC, Briner oversees roughly $200 billion in assets for North Carolina's public-sector retirees. CNBC reports the state invested about $40 million in OpenAI and committed roughly $250 million to Anthropic earlier this year; Briner said the Anthropic position is now worth more than $600 million. Briner is quoted directly in CNBC's coverage: "There's been a pricing issue that we've been concerned about for the last year or so with SpaceX," and "Elon Musk, an amazing entrepreneur, incredible technology to launch business, startling, et cetera. But at some point, things are fully priced."
Industry context
Editorial analysis: Institutional investors frequently weigh public-market entry valuations against pension return targets; reports like CNBC's show one large public pension deciding valuation leaves insufficient upside for the fund's target returns. For practitioners, this is a reminder that late-stage private and pre-IPO valuations can materially affect LP allocation and secondary-market liquidity.
Context and significance
Editorial analysis: The fund's sizable allocations to OpenAI and Anthropic, as reported by CNBC, underscore continuing institutional appetite for AI startups despite frothy valuations in adjacent sectors such as aerospace. This pattern echoes recent reporting that some allocators prefer concentrated exposure to fast-growing AI platforms rather than high-priced, asset-heavy IPOs.
What to watch
Editorial analysis: Observers will track actual aftermarket performance of SpaceX once trading begins, secondary liquidity for large private AI positions, and whether other public pension funds express similar valuation-driven selectivity. CNBC's reporting provides the immediate facts on allocations and the Treasurer's public rationale; the Treasurer has not provided additional public documentation of change in allocation strategy beyond the CNBC interview.
Scoring Rationale
The story matters to practitioners because it documents a large public pension fund's allocation decisions between a major IPO and private AI startups, illustrating how valuation and return targets shape capital flows into AI. The development is notable but not paradigm-shifting.
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