SpaceX received the worst MSCI ESG rating: on par with Russia, despite its historic IPO.
MSCI has assigned SpaceX a CCC rating — the lowest possible on the ESG scale, which assesses a company's environmental, social, and governance risks. This decision came literally one day before the company's historic stock market debut, during which SpaceX raised $75 billion, making it the largest debut in market history, surpassing even Saudi Aramco in 2019.
With a CCC rating, SpaceX finds itself on the same bottom rung that MSCI previously assigned to Russia following the events of 2022. The agency gave the company 3.2 points out of 10 on governance metrics, citing high ESG risks and insufficient measures to control them. According to MSCI, companies with a CCC rating have "extremely weak governance measures given the aggregate ESG risks and opportunities" and are often associated with major scandals or on the verge of them.
Historic stock market debut with sharp correction
After listing on the U.S. stock exchange, SpaceX shares soared: the IPO was priced at $135, giving the company a valuation of $75 billion. However, after SPCX shares began trading on the Nasdaq, prices surged 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, and its market capitalization dropped from $3 trillion to $2.37 trillion. Skepticism grew even more on crypto markets: on the Hyperliquid platform, large investors and whales hold a net short position of $45 million against SpaceX's growth.
Expert opinion: SpaceX's low ESG rating is not just a bureaucratic formality. For institutional investors, especially in Europe, ESG metrics are becoming a critical factor in decision-making. If the company cannot improve its indicators, it could limit access to capital in the long term, despite impressive market successes. The market has already responded with a correction, but the real consequences for SpaceX's valuation may only become apparent after the emotions surrounding the IPO subside.