SpaceX received a "junk" ESG rating from MSCI: the company was compared to Russia
Aerospace giant SpaceX, owned by Elon Musk, received a CCC rating from the MSCI agency — the lowest score on the ESG (Environmental, Social, and Governance) scale. This happened literally a day before the company's historic stock market debut, during which it managed to raise $75 billion.
With a CCC rating, SpaceX found itself on the same level as Russia, which MSCI downgraded to this level after the events of 2022. The agency rated the company's governance metrics at just 3.2 points out of 10, pointing to high ESG risks and extremely weak control measures. This is a worrying signal for investors, especially against the backdrop of such a high-profile IPO.
Minimum ESG Rating: What Lies Behind the CCC Score?
MSCI ESG Research assesses how effectively a company manages risks in the areas of environment, social policy, and corporate governance. The rating scale ranges from AAA (leaders) to CCC (laggards). SpaceX, in essence, received a "junk" status. MSCI explains: companies with a CCC rating demonstrate "extremely weak governance measures" and are often associated with serious scandals. On the scandal scale, SpaceX scored just 1 point out of 10, automatically marking it with an orange risk flag. Any company in the MSCI system starts with 10 points, but each complaint reduces this score.
SpaceX IPO: Takeoff and Sharp Correction
Despite the low ESG rating, SpaceX's debut on the US stock exchange was the largest in history, surpassing Saudi Aramco's record from 2019. SPCX shares started at a price of $135, and the market capitalization instantly reached $75 billion. However, the euphoria was short-lived: by Thursday, the quotes closed at $184.98, 18% below the intraday high of $225 recorded on Tuesday. Over two days, the company's value dropped by approximately $620 billion — from $3 trillion to $2.37 trillion.
Skepticism has grown even more on cryptocurrency platforms. On Hyperliquid, large investors and "whales" hold a net short position of $45 million against the growth of SpaceX's value. This indicates that professional players expect further declines.
Analyst Comment: SpaceX's low ESG rating is not just a formality. In an era when institutional investors are increasingly focusing on sustainable development, such a status could significantly limit capital inflow. The correction after the IPO only confirms that the market is beginning to account for these risks. For long-term holders, this is a serious warning signal.