Reference Tracker · Texas Business Law

Texas Redomesticators 2024-26.

17 public and private companies have redomesticated to Texas since January 2024, including ExxonMobil, Dell, Tesla, Coinbase, and the broader 2026 proxy season wave.

The data

All 17 verified Texas redomestications since 2024. Click column headers to sort. Status reflects current state as of the last update.

Company Ticker Origin Date Status Mechanism Stated Rationale
SpaceX Private 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
Dillard's, Inc. DDS Delaware 2024 Completed Reincorporation Texas headquarters; statute-focused legal environment
Zion Oil & Gas ZNOG Delaware 2024 Completed Reincorporation Statute-focused approach over case-law unpredictability
EquipmentShare.com Inc. Private Delaware 2024 Completed Reincorporation Operational alignment with Texas business
Coinbase Global, Inc. COIN Delaware November 2025 Completed Conversion Texas Business Court; efficiency, predictability, fairness; end of Delaware "monopoly on corporate law"
Eightco Holdings Inc. OCTO Delaware December 1, 2025 Board Approved, Vote Pending Reincorporation Statute-focused approach; departure from Delaware judicial environment
ExxonMobil Corp. XOM New Jersey March 10, 2026 Board Approved, Vote Pending Reincorporation Texas operational center; legal environment alignment
Dell Technologies DELL Delaware May 12, 2026 Board Approved, Vote Pending Reincorporation Alignment with Texas roots (founded Austin 1984); business-friendly environment
TTEC Holdings, Inc. TTEC Delaware 2026 proxy season Board Approved, Vote Pending Reincorporation Decade-long evaluation; concern over Delaware "hostility to controlled companies"; Texas Business Court
ArcBest Corporation ARCB Delaware 2026 proxy season Board Approved, Vote Pending Reincorporation Statute-focused approach; reduced litigation exposure
Texas Capital Bancshares, Inc. TCBI Delaware 2026 proxy season Board Approved, Vote Pending Reincorporation Alignment with Texas operational footprint and regulatory framework
eXp World Holdings, Inc. EXPI Delaware 2026 proxy season Board Approved, Vote Pending Reincorporation Statute-focused approach; predictability for business decision-making
Weatherford International plc WFRD Ireland 2026 proxy season Board Approved, Vote Pending Reincorporation Operational alignment with Texas energy sector base
Dream Finders Homes DFM Delaware 2026 proxy season Board Approved, Vote Pending Reincorporation Texas Business Court preference; code-based statutory approach over Delaware case law
Voyager Technologies VOYG Delaware 2026 proxy season Board Approved, Vote Pending Reincorporation Predictable legal environment for emerging-technology business
Forward Industries, Inc. FWDI New York 2026 proxy season Board Approved, Vote Pending Reincorporation Move out of New York; Texas alignment

Last updated: May 12, 2026

Methodology and sources

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, Trade Desk, Tripadvisor, Pershing Square) 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. Where 2024 dates are imprecise, the entry is marked as "2024" without a specific date.

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 May 2026.

5

Texas redomestications in 2024, including SpaceX, Tesla, Dillard's

2

In 2025, led by Coinbase Global in November

10

In 2026 to date, ExxonMobil, Dell, and the broader proxy season wave

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, its first reincorporation since the 1800s), New York (Forward Industries), and Ireland (Weatherford International). 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

The 2026 proxy season has already exceeded full-year 2025 Texas redomestications. As of mid-May 2026, ten companies have announced Texas redomestication in the current proxy season alone, ExxonMobil, Dell, TTEC, ArcBest, Texas Capital Bancshares, eXp World Holdings, Weatherford, Dream Finders Homes, Voyager Technologies, and Forward Industries. The pace suggests a step-change rather than continued steady accumulation.

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

Federally-regulated banks (other than Texas Capital Bancshares, which operates primarily in Texas) and insurance companies are conspicuously absent from the Texas-redomestication list. 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 has captured more total redomestications than Texas during this period, approximately 35% of Dexit reincorporations in 2025 went to Nevada, compared to 40% to Texas in 2025 by some counts. Many companies frequently confused with Texas redomestications went to Nevada: Dropbox (March 2025), Trade Desk (November 2024), Tripadvisor (February 2024), Pershing Square Capital (announced February 2025), and Datadog (2026). 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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