MSCI has assigned SpaceX its lowest environmental, social and governance (ESG) rating of “CCC” ahead of a reported record $75 billion initial public offering this month, according to 36Kr. MSCI said the rating reflects SpaceX’s “high-risk exposure” and failure to manage material ESG risks, leaving it behind industry peers. Frédéric Ducoulombier, program director at EDHEC Business School’s Climate Institute, said SpaceX’s weak controversy assessment, very poor governance score and low overall ESG rating should not be surprising, adding that for public-market investors it is “close to a governance horror story.”