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MSCI ESG Research has assigned SpaceX a CCC rating—the lowest score on its scale. Elon Musk's company now finds itself in the same category as Russia, which MSCI downgraded to the same level following the events of 2022. This decision came literally one day before the historic IPO, during which SpaceX raised $75 billion and listed on Nasdaq under the ticker SPCX.

SpaceX scored 3.2 out of 10 on governance metrics. MSCI emphasizes that the company demonstrates extremely weak control measures in the areas of environmental, social, and corporate risks. For any organization, a CCC rating means it has either already experienced major scandals or is in a high-risk zone. In SpaceX's case, this is particularly telling given its ambitious plans for space exploration and Starlink.

Historic IPO and Sharp Correction

Despite the low ESG status, SpaceX's stock market debut was the largest in history, even surpassing Saudi Aramco's record in 2019. Shares opened at $135, and the company's market capitalization soared to $3 trillion. However, within just a few days, the stock price corrected sharply: by Thursday's close, SPCX was trading at $184.98, 18% below its intraday high of over $225. Market capitalization fell to $2.37 trillion.

Skepticism has only intensified in crypto markets. On the Hyperliquid platform, large investors hold a net short position of $45 million against SpaceX's growth. This suggests that professional traders do not believe in the sustainability of the company's valuation.

Analyst's comment: The situation around SpaceX is a classic example of the divergence between market hype and fundamental risks. The CCC ESG rating will not be fatal for the company, but it clearly signals to institutional investors about problems with corporate governance. Given the 18% stock correction and large shorts on crypto exchanges, I would advise caution regarding SpaceX's current valuation. Investors should wait for the first quarterly reports to assess the real business dynamics.