SpaceX received a "junk" ESG rating from MSCI: an all-time low amid a record IPO
Elon Musk's aerospace giant, SpaceX, has received a CCC rating from the MSCI agency on the ESG scale. This is the worst possible score, assigned to companies with critically weak management of environmental, social, and corporate risks. Notably, the decision was published just one day before the company's historic stock market debut, during which SpaceX raised $75 billion.
The CCC rating places SpaceX on the same level as Russia, which MSCI downgraded to this same level after the events of 2022. On governance metrics, the company scored only 3.2 points out of a possible 10, indicating extremely high ESG risks and insufficient control measures. The agency emphasizes that organizations with such a rating are typically already involved in serious scandals or are directly related to them.
Assessment Mechanism and Record Failure
MSCI ESG Research evaluates parameters that could affect a company's financial results, from environmental policy to corporate governance and social responsibility. The scale ranges from AAA (leaders) to CCC (laggards). SpaceX is now firmly entrenched at the bottom of this spectrum.
According to the Financial Times, SpaceX scored 1 out of 10 on the ESG controversy level and received an "orange flag." At MSCI, any company starts with a maximum of 10 points, after which points are deducted for each claim. Such a result is a rare occurrence for public companies of this scale.
IPO: Surge and Sharp Correction
SpaceX's stock market debut was the largest in history: on June 12, shares (ticker SPCX) were priced at $135, giving the company a valuation of $75 billion. However, after trading opened on the Nasdaq, quotes soared above $225, then corrected just as sharply. By Thursday's close, shares had fallen 18% from their peak to $184.98.
Over two days, the company's market capitalization shrank by approximately $620 billion — from $3 trillion to $2.37 trillion. Skepticism is also growing in crypto markets: on the Hyperliquid platform, large investors and whales hold a net short position of $45 million against the growth of SpaceX's value.
Expert opinion: The CCC rating from MSCI is not just a formality. For institutional investors, especially those guided by ESG mandates, this status could become a serious barrier to entering the asset. Combined with post-IPO volatility, this creates an extremely unfavorable backdrop for long-term holders. SpaceX is undoubtedly a technological leader, but from the perspective of corporate governance and sustainability, the company currently looks like one of the riskiest assets on the market.