SpaceX received a "junk" ESG rating: MSCI placed the company on the same level as Russia
MSCI has assigned SpaceX a CCC rating—the lowest score on its ESG scale, which measures management of environmental, social, and corporate governance risks. This decision was published just one day before the company's historic stock exchange listing, during which it managed to raise $75 billion.
With a CCC rating, SpaceX finds itself at the same level where MSCI previously placed Russia following the events of 2022. Additionally, the company scored only 3.2 out of 10 on governance metrics. The agency directly points to high ESG risks and insufficient control measures by management.
What lies behind the CCC rating?
MSCI ESG Research analyzes parameters in environmental, social, and corporate governance areas that could impact financial results. The rating considers risks, the effectiveness of management systems and transparency, as well as the company's ability to offer products and services that positively affect society or the environment.
The rating scale ranges from AAA to CCC. SpaceX is currently at the lowest level. MSCI's definition states: "Companies rated CCC receive the lowest ESG score. Compared to global competitors, they have extremely weak management measures given the aggregate ESG risks and opportunities. Additionally, organizations with this rating typically have already experienced major scandals or have recently been involved in them."
According to the Financial Times, in terms of ESG scandals, SpaceX scored 1 out of 10 and received an "orange flag." In governance, the company scored 3.2 out of 10. At MSCI, any company starts with a maximum of 10 points, after which points are deducted for each claim.
Historic stock market debut with sharp correction
After listing on the U.S. stock exchange, SpaceX shares surged: the IPO was priced at $135, giving the company a valuation of $75 billion. Thus, June 12 marked the largest debut in market history, surpassing the record set by Saudi Aramco in 2019.
Following the listing of SPCX shares on the Nasdaq, prices rose sharply but then quickly corrected. On Thursday, shares closed at $184.98—18% below the relative high (above $225) recorded on Tuesday.
Over two days, the company's value dropped by approximately $620 billion. Its market capitalization fell from $3 trillion to $2.37 trillion.
On crypto markets, skepticism has grown even further. On the Hyperliquid platform, large investors and "whales" hold a net short position of $45 million against SpaceX's price growth.
Cryptalist Analytical Commentary: Paradoxically, while traditional investors on the stock market are enthusiastically buying up SpaceX shares, ESG rating agencies are issuing a verdict comparable to the rating of an entire country under sanctions. This once again proves that in the world of "green" finance and corporate responsibility, Elon Musk remains a "black sheep." For the crypto community, which has always valued decentralization and freedom from dogma, this situation could serve as an additional signal: SpaceX is an asset that lives by its own rules, not by the templates of ESG bureaucracy.