SpaceX receives a "junk" ESG rating from MSCI: on the same level as Russia
Aerospace giant SpaceX, preparing for the largest IPO in history, has received a CCC rating from MSCI ESG Research — the lowest possible score on the environmental, social, and governance (ESG) scale. Moreover, this rating places Elon Musk's company on par with Russia, which MSCI assigned a similar level after the events of 2022.
Failure on All Fronts: From Environment to Corporate Governance
MSCI's decision was published just one day before SpaceX's historic stock exchange debut, during which the company raised $75 billion. According to the agency, SpaceX scored only 3.2 out of 10 on governance metrics and 1 out of 10 on the degree of ESG scandals. This indicates critically weak risk control measures and a high likelihood of negative events.
The MSCI scale ranges from AAA (leaders) to CCC (laggards). Companies with a CCC rating, by the agency's own definition, demonstrate "extremely weak governance measures given aggregate ESG risks" and have often been involved in serious scandals. For SpaceX, which positions itself as an engine of progress, such a verdict is a serious reputational blow.
IPO with a Bitter Taste: Rise and Correction
Despite the negative ESG backdrop, SpaceX's stock debut (ticker SPCX) on Nasdaq on June 12 became the largest in market history, surpassing Saudi Aramco's 2019 record. The IPO was priced at $135, giving the company a valuation of $75 billion. However, the euphoria was short-lived: by Thursday, shares closed at $184.98, 18% below the intraday high of $225 recorded on Tuesday.
The company's market capitalization collapsed from $3 trillion to $2.37 trillion in just two days. On cryptocurrency platforms such as Hyperliquid, large investors hold a net short position of $45 million, betting on further declines in SpaceX's value.
Cryptalist Analysis: The situation surrounding SpaceX is a classic example of the divergence between market euphoria and fundamental risks. A low ESG rating, especially against the backdrop of such a massive IPO, could become a trigger for institutional investors, who are increasingly considering non-financial factors. For crypto enthusiasts following the market, this is a signal: even the new generation's "blue chips" are not immune to reputational and regulatory shocks.