North Carolina State Treasurer Brad Briner has drawn a sharp line. His pension system, guardian of retirement savings for teachers, firefighters and police officers, will skip a direct stake in SpaceX ahead of its historic initial public offering. The reason is simple. The valuation is too rich.
Briner, who oversees roughly $200 billion in assets, told CNBC’s “Squawk Box” that concerns about pricing have lingered for more than a year. “There’s been a pricing issue that we’ve been concerned about for the last year or so with SpaceX,” he said. “Elon Musk, an amazing entrepreneur, incredible technology to launch business, startling, et cetera. But at some point, things are fully priced.”
The comments land as SpaceX prepares to sell 555.6 million shares at $135 each. That transaction would raise about $75 billion and value the company at roughly $1.8 trillion once shares begin trading Friday, according to CNBC. Briner sees limited upside from here. His mandate demands high-single-digit, predictable returns for retirees. At those prices, SpaceX fails the test.
Yet the same steward has moved aggressively elsewhere. North Carolina committed roughly $250 million to Anthropic earlier this year and invested about $40 million in OpenAI. The combined position now exceeds $600 million in value. In one case the gains have more than doubled an initial outlay. A separate report from Business North Carolina puts the state’s direct stake in Anthropic at $650 million, reflecting appreciation since the AI company raised $30 billion last winter.
“We saw an opportunity in Anthropic which we thought was completely mispriced earlier this year,” Briner said. “If you use that technology, you see how powerful it is.” Revenue growth at Anthropic, he added, is “like nothing ever seen.” The company’s Claude platform ranks among the most promising in the sector. Break-even forecasts point to 2028. “Who knows what’s next,” Briner continued. He believes Anthropic could become a trillion-dollar company easily after it goes public later this year.
The contrast reveals a deliberate strategy. Briner, elected treasurer in 2024 after managing billionaire Mike Bloomberg’s portfolio, applies the same discipline across holdings. The state investment fund holds about $147 billion in capital, drawn mainly from public-employee pensions. It ranks among the largest such pools globally. An independent investment authority executes trades with his input. The target annual return sits at 6.5 percent. Every decision weighs risk against the ability to exceed that bar.
SpaceX exposure exists already, but only in modest size. The pension system owns between $30 million and $35 million in the rocket maker through existing positions. That figure will likely climb once index funds add the newly public shares. “We will ultimately participate in SpaceX through our index positions in our public equity,” Briner said, “but we don’t have any on the private side.”
His stance fits a broader conversation. Institutional investors have watched private valuations in space, satellites and artificial intelligence climb to extraordinary heights. Some analysts question whether the market can absorb simultaneous mega-offerings from SpaceX, OpenAI and Anthropic without eventual repricing. A Northeastern University analysis published days ago highlighted the historic scale. The three companies together could command valuations rarely seen before public trading begins, raising doubts about sustainability once lockups expire and supply increases.
Yet public pension funds cannot ignore these names. Teachers and first responders expect their portfolios to deliver steady growth. Briner’s choice signals caution on aerospace at current levels while embracing AI where entry prices appeared attractive. The $40 million OpenAI bet and $250 million Anthropic commitment have already produced outsize paper gains. That performance validates the approach for now.
Briner applies the same rigor outside technology. He passed on an opportunity to buy part of the Carolina Hurricanes hockey franchise last year. Sports-team values have soared, but the treasurer insists on the 6.5 percent hurdle. “I’m a big baseball fan,” he said in the Business North Carolina interview. “I would love to see Raleigh get an MLB team and, personally, as a taxpayer, I’d love to support that. But as treasurer, we have to make money.”
The North Carolina decision arrives at a pivotal moment for private-market access. SpaceX’s IPO marks one of the largest ever. Its Starlink satellite network and reusable rockets command respect. Musk’s track record inspires confidence. Still, Briner’s team concluded the $1.75 trillion to $1.8 trillion tag left insufficient margin of safety. Better opportunities lay in large-language models and generative tools that power everything from software coding to scientific discovery.
Market reaction on social platform X reflected divided opinion. Some investors praised the treasurer for valuation discipline and conviction in the wider AI theme. Others dismissed the move as shortsighted, arguing SpaceX’s dominance in orbital transport and global internet would justify premium pricing for years. TradingKey noted heavy institutional oversubscription for the offering despite the skepticism. The shares price Thursday. Public trading starts the next day.
Longer term, the episode underscores tension inside public pensions. Boards must balance fiduciary duty with exposure to transformative technologies. Briner has chosen predictability over participation at any price. His Anthropic position, now worth more than double the original commitment in some reports, demonstrates that selectivity can pay. Additional indirect holdings in the company may surface once first-quarter statements arrive from external managers.
For now the message is clear. High-single-digit returns matter more than owning the hottest name. SpaceX will enter the index. North Carolina will own it that way. The direct capital, however, flows toward AI leaders that still appear mispriced relative to their potential. Briner’s record since taking office suggests this calculus is neither timid nor reckless. It is methodical. And in pension management, method often determines whether retirees thrive or merely survive.
Recent coverage from Investing.com echoed the same numbers and quotes, confirming consistency across outlets. Observers will watch closely when Anthropic eventually lists and when SpaceX shares face their first sustained test in public hands. The treasurer has placed his bet. The coming quarters will reveal whether the preference for perceived value over prestige proves wise.
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