SpaceX received a "junk" ESG rating from MSCI: at the same level as Russia
Elon Musk's space empire has faced a serious reputational challenge. MSCI has assigned SpaceX a CCC rating on the ESG scale — the lowest possible score, which effectively equates the company to pariah states like Russia after the events of 2022.
A CCC rating means the company demonstrates "minimal management measures" regarding environmental, social, and corporate risks. MSCI emphasizes that organizations with such a rating have either already been involved in serious scandals or are on the verge of them. SpaceX received a meager 3.2 out of 10 on governance metrics and 1 out of 10 on "controversy" — one of the worst scores in the industry.
IPO Fireworks Amid ESG Failure
Ironically, the rating was published literally a day before SpaceX's historic stock market debut. The company listed on Nasdaq under the ticker SPCX at $135 per share, raising $75 billion. This became the largest IPO in history, breaking Saudi Aramco's 2019 record.
However, the euphoria was short-lived. On the first day, shares soared above $225, but by Thursday they corrected by 18%, closing at $184.98. Market capitalization plummeted from $3 trillion to $2.37 trillion — a loss of nearly $620 billion in two days.
The situation on crypto markets is even more telling. On the Hyperliquid platform, major players opened a net short position of $45 million against SpaceX shares. Bears are clearly expecting further declines.
My comment as an analyst: A CCC rating is not just a formality. For institutional investors, especially pension funds and ESG-oriented hedge funds, this is a red flag. SpaceX may face serious constraints in raising capital in the future. For now, the market is hypnotized by Musk's name, but the fundamental risks have not disappeared. The 18% correction after the IPO is just the first warning sign.