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SpaceX IPO Soars, But ESG Score Plummets
24 Jun
Summary
- SpaceX received its lowest possible ESG rating of CCC.
- The company's IPO was the largest on record, raising $75 billion.
- Stock value decreased by $620 billion after an initial surge.
MSCI ESG Research assigned SpaceX its lowest possible ESG rating, a triple C, shortly before the company's significant stock market debut. This rating places SpaceX in the same category as Russia after its 2022 invasion. The CCC rating signifies very poor management measures relative to ESG risks and potential involvement in controversies.
SpaceX's IPO, priced at $135, raised $75 billion on June 12, marking the largest listing in history. The stock initially soared after its Nasdaq debut. However, shares later experienced a slump, closing at $184.98, an 18% decrease from a peak above $225.
This two-day decline erased approximately $620 billion from SpaceX's valuation, reducing it from nearly $3 trillion to $2.37 trillion. Skepticism also extends to crypto markets, with significant net short positions against SpaceX's rally on platforms like Hyperliquid.
