SpaceX received a "junk" ESG rating from MSCI: at the level of CCC and Russia
MSCI has assigned SpaceX a CCC rating—the lowest score on its ESG (Environmental, Social, and Governance) scale. This decision was published just one day before the company's historic stock market debut, during which it managed to raise $75 billion.
With the CCC rating, SpaceX finds itself on the same lowest tier where MSCI previously placed Russia following the events of 2022. The agency also rated the company 3.2 out of 10 on governance metrics, citing high ESG risks and insufficient measures to control them.
SpaceX Receives Minimum ESG Rating
MSCI ESG Research evaluates parameters in environmental, social, and corporate governance areas that could impact a company's financial performance. The rating considers ESG-related risks, the effectiveness of management systems and transparency, and, where applicable, the company's ability to offer products and services that positively affect society or the environment.
The rating scale ranges from AAA to CCC. SpaceX is currently at the lowest level.
"Companies with a CCC rating receive the lowest ESG rating from MSCI ESG Research. Compared to global peers, they have extremely weak management measures given their aggregate ESG risks and opportunities. Additionally, organizations with this rating have typically been involved in major scandals or have recently been implicated in them," states MSCI's definition.
In terms of ESG scandals, SpaceX scored 1 out of 10 and received an orange flag. In governance, the company scored 3.2 out of 10. In MSCI's system, any company starts with a maximum of 10 points, and points are deducted for each issue raised.
Historic Stock Market Debut with Sharp Correction
Following its listing on the U.S. stock exchange, SpaceX shares surged: the IPO was priced at $135, valuing the company at $75 billion. Thus, June 12 marked the largest debut in market history, surpassing the record set by Saudi Aramco in 2019.
After SPCX shares began trading on Nasdaq, prices rose sharply but then quickly corrected. On Thursday, shares closed at $184.98—18% below the relative high (above $225) recorded on Tuesday.
Over two days, the company's value fell by approximately $620 billion. Its market capitalization dropped from $3 trillion to $2.37 trillion.
Skepticism has grown even more in crypto markets. On the Hyperliquid platform, large investors and whales hold a net short position of $45 million against SpaceX's price growth.
My analysis: The CCC rating from MSCI is a serious signal for institutional investors, who increasingly use ESG metrics for decision-making. For SpaceX, which has just entered the public market, this could become an additional factor pressuring shares in the medium term. However, in the short term, the hype surrounding the IPO and strong emotional support from retail investors may offset this negativity. Keep an eye on the dynamics of short positions in derivatives—this is a key indicator of sentiment among major players.