SpaceX received a "junk" ESG rating: the company was compared to Russia
The analytical agency MSCI has assigned Elon Musk's company SpaceX a CCC rating on the ESG scale. This is the worst possible score, reflecting a critically low level of management of environmental, social, and corporate risks. The decision was published literally on the eve of SpaceX's historic IPO, during which the company raised $75 billion.
With a CCC rating, SpaceX found itself on the same bottom rung as Russia, which MSCI downgraded to this level after the events of 2022. The agency also assessed the company's governance metrics at 3.2 points out of 10, indicating extremely weak control measures and high exposure to ESG risks.
Essence of the Rating: From AAA to CCC
MSCI ESG Research evaluates companies across a wide range of parameters: from environmental impact to social responsibility and the quality of corporate governance. The rating scale ranges from AAA (leaders) to CCC (laggards). As the agency itself explains, companies with a CCC rating demonstrate "minimal management measures" and have often been involved in serious scandals or are in a high-risk zone.
According to the FT, SpaceX scored only 1 point out of 10 on the level of ESG scandals, receiving an "orange flag." With a starting score of 10 points for each claim, the assessment is consistently reduced.
IPO and Market Correction
Despite a record debut on the US stock exchange — an IPO at a price of $135 per share and a company valuation of $75 billion — SPCX quotes on the Nasdaq surged sharply upward but then corrected just as quickly. By Thursday, shares closed at $184.98, which is 18% below the intraday high of $225 recorded on Tuesday.
The company's capitalization collapsed by approximately $620 billion over two days — from $3 trillion to $2.37 trillion. On crypto markets, speculators are also actively betting against SpaceX: on the Hyperliquid platform, large investors hold a net short position of $45 million against the growth of the stock price.
Expert Opinion: A CCC rating is not just a formality. For institutional investors, especially those following ESG mandates, such an assessment could become a serious barrier to entering the capital. Combined with post-IPO volatility and aggressive short positions on crypto markets, SpaceX currently looks like an asset with an exceptionally high level of risk, despite ambitious technological projects.