SpaceX at the bottom of the ESG rating: MSCI ranked the company on par with Russia
One day before its historic listing, which attracted $75 billion, SpaceX received a CCC rating from the MSCI agency—the lowest on the ESG scale. This indicator assesses how effectively a company manages environmental, social, and governance risks. And here, the results were disappointing.
In essence, SpaceX found itself on the same level as Russia, which MSCI downgraded to the same tier after the events of 2022. On governance metrics, Elon Musk's company scored only 3.2 points out of 10. The agency directly points to high ESG risks and insufficient measures to control them.
Assessment Details: From Scandals to Lack of Transparency
MSCI ESG Research analyzes parameters that can directly impact financial results. It considers risks, the effectiveness of the management system, transparency, and the company's ability to offer products that positively affect society or the environment. The rating scale ranges from AAA to CCC. SpaceX is currently at the very bottom.
According to MSCI's definition, companies with a CCC rating demonstrate "extremely weak governance measures" amid aggregate ESG risks. Moreover, such organizations typically have already been involved in or associated with major scandals. SpaceX scored only 1 point out of 10 on the scandal scale, receiving an "orange flag."
Stock Market Debut: Surge and Sharp Correction
Despite the grim ESG backdrop, SpaceX's IPO on the U.S. stock exchange took place at a price of $135, giving the company a valuation of $75 billion. June 12 marked the largest debut in market history, even surpassing Saudi Aramco's record from 2019. However, the euphoria was short-lived.
SPCX shares on the Nasdaq surged sharply but then corrected just as quickly. On Thursday, they closed at $184.98—18% below the relative peak recorded on Tuesday (above $225). Over two days, the company's value fell by approximately $620 billion, and its market capitalization dropped from $3 trillion to $2.37 trillion.
Skepticism grew even more on crypto markets. On the Hyperliquid platform, large investors and "whales" hold a net short position of $45 million against SpaceX's value growth, clearly expecting further pressure on the stock.
Analyst's Comment: Paradoxically, SpaceX's low ESG rating could become a serious deterrent for institutional investors, who are increasingly focusing on "green" standards. Combined with post-IPO volatility and aggressive short positions on crypto exchanges, this creates an extremely ambiguous signal for the market. Musk's company will not only have to prove its technological viability but also radically rethink its approach to corporate governance and environmental responsibility.