Reference Tracker · Texas Business Law

Texas Redomesticators 2024-26.

17 companies have redomesticated to Texas since January 2024, including ExxonMobil, Dell, Tesla, Coinbase, and SpaceX, eleven of them during the 2026 proxy season.

The data

All 17 verified Texas redomestications since 2024. Click column headers to sort. Dates are effective dates taken from each company's SEC filings.

Company Ticker Origin Date Status Mechanism Stated Rationale
SpaceX SPCX Delaware February 14, 2024 Completed Conversion Operational alignment with Texas headquarters; regulatory environment
Tesla, Inc. TSLA Delaware June 13, 2024 Completed Conversion Response to Tornetta v. Musk chancery ruling voiding $56B compensation package
Zion Oil & Gas ZNOG Delaware June 11, 2025 Completed Conversion Statute-focused approach over case-law unpredictability
EquipmentShare.com Inc. EQPT Delaware June 30, 2025 Completed Conversion Operational alignment with Texas business
Dillard's, Inc. DDS Delaware August 31, 2025 Completed Conversion Operational nexus: more stores (55) and more revenue in Texas than in any other state; reduced exposure to opportunistic litigation
Coinbase Global, Inc. COIN Delaware December 15, 2025 Completed Conversion Texas Business Court; efficiency, predictability, fairness; end of Delaware "monopoly on corporate law"
Eightco Holdings Inc. ORBS Delaware February 2, 2026 Completed Conversion Statute-focused approach; departure from Delaware judicial environment
Forward Industries, Inc. FWDI New York March 5, 2026 Completed Merger Move out of New York; Texas alignment
ArcBest Corporation ARCB Delaware May 15, 2026 Completed Conversion Statute-focused approach; reduced litigation exposure
TTEC Holdings, Inc. TTEC Delaware May 22, 2026 Completed Conversion Decade-long evaluation; concern over Delaware "hostility to controlled companies"; Texas Business Court
Dream Finders Homes, Inc. DFH Delaware June 9, 2026 Completed Conversion Texas Business Court preference; code-based statutory approach over Delaware case law
AGNT, Inc. (formerly eXp World Holdings) AGNT Delaware June 11, 2026 Completed Conversion Statute-focused approach; predictability for business decision-making
FirstCash Holdings, Inc. FCFS Delaware June 18, 2026 Completed Conversion Texas is home: Fort Worth headquarters and about 40% of domestic stores and 45% of domestic employees; unify operational headquarters and legal jurisdiction
Voyager Technologies, Inc. VOYG Delaware June 18, 2026 Completed Conversion Predictable legal environment for emerging-technology business
Exxon Mobil Corporation XOM New Jersey July 1, 2026 Completed Merger into Texas holding company Texas operational center; legal environment alignment
Dell Technologies Inc. DELL Delaware July 1, 2026 Completed Conversion Alignment with Texas roots (founded Austin 1984); business-friendly environment
Natural Gas Services Group, Inc. NGS Colorado July 20, 2026 Completed Conversion Operational alignment: Southlake headquarters, Midland administrative office, Permian Basin and Eagle Ford operations, Texas-based leadership

Last updated: September 28, 2026 · Every row re-verified against SEC filings: recorded 2026 shareholder-vote outcomes and effective dates, corrected earlier dates and tickers, added FirstCash Holdings, and removed Texas Capital Bancshares and Weatherford International, whose Texas proposals failed at the shareholder vote. Updated as verified disclosures emerge.

Methodology and sources

Take the data

All 17 rows of the table above, exactly as published. Download CSVDownload JSON

Free to use, republish and build on, with attribution, under CC BY 4.0. Last verified September 28, 2026. Corrections to hello@kraus.law.

Charles R. Kraus, Texas Redomesticators 2024-26, Kraus Law (last updated September 28, 2026), https://www.kraus.law/trackers/texas-redomesticators-2024-26/.

What counts as a Texas redomestication

This tracker includes any company, public or private, that has formally changed its jurisdiction of incorporation to Texas from any other jurisdiction (Delaware, New Jersey, New York, Ireland, etc.) since January 1, 2024. Both completed transactions and board-approved transactions pending shareholder vote are included; the Status column distinguishes them.

Companies that have moved their headquarters but not their state of incorporation are excluded. Companies that proposed redomestication and withdrew before vote (e.g., MercadoLibre in the 2025 proxy season) are excluded but are noted in the patterns section. Companies that redomesticated to Nevada or other jurisdictions (e.g., Dropbox, The Trade Desk, Tripadvisor) are excluded, these are sometimes conflated with Texas redomestications in business press but are not part of this tracker.

Verification sources

Each entry is verified against the company's own SEC filings (proxy statements, 8-K filings, certificates of conversion) where available; news reporting at the time of announcement; and aggregator coverage from Business Law Prof Blog, Glass Lewis, Wilson Sonsini, and Mayer Brown reincorporation analysis. Each date is the effective date of the conversion or merger as reported in the company's filings.

This tracker is maintained by Kraus Law PLLC as a public reference work. Corrections or additions are welcomed at hello@kraus.law.

Patterns and observations

What the data reveals about the redomestication trend through September 2026.

2

Texas redomestications in 2024: SpaceX and Tesla

4

In 2025, including Dillard's and Coinbase Global

11

In 2026 to date, including ExxonMobil and Dell

14

Originated in Delaware, the dominant source jurisdiction

Origin jurisdiction concentration

Delaware accounts for 14 of 17 redomestications in this tracker, roughly 82% of total movement to Texas. The remaining entries originate from New Jersey (ExxonMobil, incorporated there since 1882), New York (Forward Industries), and Colorado (Natural Gas Services Group). This concentration reflects Delaware's market share of incorporations more than any unique Delaware push factor; companies leaving non-Delaware jurisdictions for Texas remain relatively rare.

Acceleration in 2026

Eleven companies completed Texas redomestications in 2026 through September, against four in 2025: Eightco Holdings, Forward Industries, ArcBest, TTEC, Dream Finders Homes, AGNT (formerly eXp World Holdings), FirstCash, Voyager Technologies, ExxonMobil, Dell and Natural Gas Services Group. The pace suggests a step-change rather than continued steady accumulation.

Not every proposal passed. Texas Capital Bancshares shareholders rejected its move on April 21, 2026, with about 45% of votes cast in favor, and it remains a Delaware corporation. Weatherford International's plan to move from Ireland to Texas received about 62% support on June 11, 2026, short of the 75% Irish law requires; its shareholders later approved a move to Delaware instead. Proxy advisors and institutional holders are paying close attention to which SB 29 provisions come bundled with a move.

Stated rationales cluster around three themes

Companies' stated rationales for choosing Texas concentrate on (1) the Texas Business Court, specialized commercial jurisdiction operational since September 2024; (2) Texas's SB 29 statutory reforms, effective May 2025, codifying the business judgment rule under TBOC § 21.419(c), introducing a 3% derivative threshold under § 21.552(a)(3), and tightening books-and-records procedures; and (3) general preference for a statute-focused approach over Delaware's case-law-driven framework, often framed as reduced reliance on judicial interpretation.

The Tornetta v. Musk chancery ruling (January 2024) is cited explicitly or implicitly in most rationales. The TTEC proxy is unusually candid about Delaware's "apparent hostility to controlled companies." Several 2026 proxies follow similar framing.

Notable absences

Banks and insurance companies are conspicuously absent from the Texas-redomestication list; the one bank holding company in the 2026 wave, Dallas-based Texas Capital Bancshares, lost its shareholder vote. Regulatory frictions specific to banking and insurance, particularly state-level domicile requirements for charter or licensure, make Delaware redomestication harder for these companies regardless of jurisdictional preference. The trend may not extend uniformly to these regulated sectors.

The Texas vs Nevada question

Nevada is Texas's main competitor for companies leaving Delaware. Analysis Group counts 33 public companies with a market capitalization of at least $250 million that reincorporated out of Delaware between January 1, 2024 and July 1, 2026, mostly to Nevada or Texas. Several companies sometimes described as Texas redomestications in fact went to Nevada, including Dropbox, The Trade Desk and Tripadvisor. Texas's appeal concentrates on companies with substantial Texas operational presence; Nevada's appeal is broader and less geographically anchored.

Related reading and listening

Companion content on the redomestication trend, the legal framework driving it, and the Texas Business Court environment receiving these companies.

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