Investing.com -- North Carolina State Treasurer Brad Briner said Wednesday his pension fund will not buy shares in SpaceX's initial public offering because the company's $1.77 trillion valuation is too high.

Briner oversees roughly $200 billion for North Carolina's teachers, firefighters and police officers. He said the state has invested in artificial intelligence companies OpenAI and Anthropic while avoiding a direct stake in SpaceX due to valuation concerns.

"There's been a pricing issue that we've been concerned about for the last year or so with SpaceX," Briner said on CNBC's "Squawk Box" Wednesday. "Elon Musk, an amazing entrepreneur, incredible technology to launch business, startling, et cetera. But at some point, things are fully priced. We're trying to make a high single digit, predictable rate of return for our retirees. And we've got to consider valuation when we do that. And so, certainly, SpaceX at $1.75 trillion is a big valuation."

SpaceX plans to price its IPO on Thursday and begin trading Friday. The rocket maker will sell 555.6 million shares at $135 each, raising about $75 billion and valuing the aerospace company at roughly $1.8 trillion.

Briner said North Carolina invested about $40 million in OpenAI and committed roughly $250 million to Anthropic earlier this year. That position is now worth more than $600 million.

"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."

The state pension system expects to gain SpaceX exposure through index funds after the company goes public. "We will ultimately participate in SpaceX through our index positions in our public equity," he said, "but we don't have any on the private side."