North Carolina treasurer avoids SpaceX stake over valuation concerns

North Carolina Treasurer Brad Briner said the state's pension fund will not buy SpaceX shares in the private market because he believes the company is already priced too high. He said the fund is focused on achieving steady returns for retirees and that SpaceX's valuation leaves limited room for further upside. Briner said the state has instead invested in artificial intelligence companies OpenAI and Anthropic. He said North Carolina put about $40 million into OpenAI and committed roughly $250 million to Anthropic earlier this year, with the Anthropic position now worth more than $600 million. SpaceX is expected to price its IPO on Thursday and begin trading on Friday. Briner said North Carolina may still gain exposure to the company later through index funds after it becomes public, but it is not taking a direct privatemarket position now.