SpaceX at the bottom of MSCI's ESG rating: a stock market debut with records and risks
MSCI ESG Research has placed SpaceX at the lowest level of its scale — a CCC rating. This happened literally one day before the company's historic IPO, during which it managed to raise $75 billion. Such a minimal score puts the space giant in the same league as states that received the worst ESG ratings, including Russia after the events of 2022.
On the MSCI scale, where AAA is the highest score and CCC is the lowest, SpaceX fell into the category of companies with "extremely weak governance measures and high aggregate ESG risks." In governance metrics, the firm scored only 3.2 out of 10. The agency emphasizes that organizations with such a rating typically either have already experienced serious scandals or are at risk of them. According to analysts, SpaceX received 1 out of 10 on the ESG scandal scale, which automatically flagged it in orange.
Record Debut and Sharp Correction
Despite the gloomy ESG backdrop, SpaceX's entry onto the U.S. stock exchange became the event of the year. The IPO was priced at $135 per share, giving the company a valuation of $75 billion and making June 12 the largest debut in market history, even surpassing Saudi Aramco's record in 2019.
SPCX shares on the Nasdaq surged to $225, but by Thursday they corrected by 18%, closing at $184.98. Over two days, the company's market capitalization collapsed by approximately $620 billion — from $3 trillion to $2.37 trillion. On crypto platforms such as Hyperliquid, major players have already opened a net short position of $45 million against the growth of SpaceX's value, adding pressure to the quotes.
Expert's View: A paradoxical situation: on one hand, record demand for the IPO, on the other, a minimal ESG rating and aggressive shorts. This suggests that the market is currently ignoring environmental and governance risks in pursuit of technological appeal. However, long-term investors should be wary: a lack of transparency and weak corporate governance could become a serious drag on growth, especially in an era of tightening ESG standards.