SpaceX received a "junk" ESG rating from MSCI: the company was compared to Russia
Rating agency MSCI has assigned SpaceX the lowest possible score on its ESG scale — CCC. This happened literally on the eve of the company's historic stock exchange listing, during which SpaceX raised $75 billion. This rating puts Elon Musk's aerospace giant on the same level as Russia, which MSCI downgraded to the same level after the events of 2022.
Failure on All Fronts: Environment, Society, and Governance
The MSCI ESG Research assessment considers how a company manages environmental, social, and governance risks. The scale ranges from AAA (leaders) to CCC (laggards). SpaceX received exactly CCC — the lowest mark. On governance metrics, the company scored only 3.2 points out of a possible 10, indicating extremely weak control mechanisms and high exposure to ESG risks.
In MSCI's methodology, any company starts with a maximum of 10 points, which are then reduced for each identified violation or deficiency. In SpaceX's case, the "penalty" sanctions were so severe that the final score dropped to a critical minimum. The agency directly states that companies with a CCC rating demonstrate "extremely weak governance measures" and, as a rule, have either already been involved in major scandals or are in a high-risk zone.
IPO Record and 18% Collapse: Market Reality
Against this negative backdrop, SpaceX conducted the largest IPO in market history. On June 12, the company's shares (ticker SPCX) began trading on Nasdaq at a price of $135, giving a valuation of $75 billion. However, the euphoria was short-lived: after soaring above $225, quotes sharply corrected. By Thursday's close, shares had fallen 18% from their peak, to $184.98. The company's market capitalization shrank by approximately $620 billion — from $3 trillion to $2.37 trillion.
On cryptocurrency platforms such as Hyperliquid, large investors and "whales" have already taken a net short position of $45 million against SpaceX's growth. This suggests that professional traders do not believe in the sustainability of the current valuation and expect further declines.
My expert opinion: The CCC rating from MSCI is not just a formality. For institutional investors, especially those focused on ESG standards, this is a red flag. SpaceX is currently in a paradoxical situation: on one hand, a record IPO and high volatility; on the other, fundamental problems with corporate governance and reputational risks. In the long term, this could become a serious obstacle to raising capital, especially if the company does not take active steps to improve its ESG performance.