SpaceX was given MSCI’s lowest ESG rating before its IPO.

The CCC rating, as reported by the FT, put SpaceX at the bottom of the MSCI ESG ratings. In a statement, MSCI said the rating is due to the company’s exposure to ESG risks and management.

MSCI also gave SpaceX a score of 1 out of 10 in its controversies category and was rated low for governance, scoring 3.2 out of 10. MSCI highlighted concerns around corporate governance, environmental impact and shareholder protections, and said the firm hasn’t demonstrated sufficient mitigation in several key areas.

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