DExit Tracker·Crossing the Chasm·Version 9

U.S. corporate reincorporation, 2024–2026 — have we crossed the chasm?

Of the 81 U.S. publicly traded firms that publicly committed to leave Delaware between January 2024 and June 26, 2026, 59 chose Texas ($2.8T aggregate market value). June 2026 is the densest single month yet: 8 firms, $283B aggregate, anchored by Dell. By every metric the cohort tracks — pace, capitalization, sector breadth — Texas now sits at the Moore (1991) crossing point between Early Adopters and the Early Majority.

Panel A — June 2026 cohort (the densest month yet) 8 firms · $282.9B aggregate · Jun 8 – Jun 26, 2026
$1.0B
Dream Finders
JUN 8
$10B
FirstCash
JUN 9
$518M
Nat Gas Svcs
JUN 10
$303M
AerSale
JUN 11
$7.0B
Weatherford
JUN 11
$51M
Spruce Power
JUN 20
$260B
Dell · anchor
JUN 25
$4.0B
Archer Aviation
JUN 26
8
Firms voting
$282.9B
Aggregate market cap
19 days
Span Jun 8 – Jun 26
DELL
Anchor (91.9% of cohort mcap)
Panel B — Diffusion benchmark (Rogers 1962 · Moore 1991) Descriptive overlay, not forecast
THE CHASM Moore (1991) AS OF JUN 26, 2026 Innovators 2.5% 2024 Early Adopters 13.5% 2025–Jun 2026 Early Majority 34% 2027 → if pattern extends Late Majority 34% Laggards 16% AS OBSERVED 2024–JUN 2026 81 firms $2.8T aggregate · 59 to Texas
Anchor firms 2024 – May 2026 Innovators + Early Adopters (curated subset)
Tesla2024 · $1.1T
SpaceX2024 · private
ExxonMobilMay 2026 · $602B
TripAdvisor2025
RobloxMay 2026
Dropbox2025
Dillard'sAug 2025
Liberty Live2025
+ 51 otherssee Index
June 2026 cohort
Jun 8 – Jun 26, 2026 · 8 firms · $282.9B aggregate
Jun 08
Dream Finders Homes
DFH · DE→TX · Consumer Disc.
$1.0B
Jun 09
FirstCash Holdings
FCFS · DE→TX · Financials
$10B
Jun 10
Natural Gas Services Group
NGSG · CO→TX · Energy
$518M
Jun 11
AerSale
ASLE · DE→TX · Industrials
$303M
Jun 11
Weatherford Int'l
WFRD · Ireland→TX · Energy
$7.0B
Jun 20
Spruce Power
SPRU · DE→TX · Renewables
$51M
Jun 25
Dell Technologies · anchor
DELL · DE→TX · Tech Hardware
$260B
Jun 26
Archer Aviation
ACHR · DE→TX · Industrials
$4.0B
Aggregate market value $282.9B
Market caps as of close, Jun 5, 2026. Vote dates per DEF 14A / PRE 14A as filed on EDGAR. DELL alone = 91.9% of June cohort aggregate; the cohort is mcap-anchor-heavy. Per-record DEF 14A links available on the firm pages of the Reincorporation Index.

Framework. Everett M. Rogers, Diffusion of Innovations (Free Press 1962); Geoffrey A. Moore, Crossing the Chasm (HarperBusiness 1991). Rogers' adopter categories (2.5 / 13.5 / 34 / 34 / 16%) are population shares of the total adopter base; their application to inter-state corporate migration is illustrative, not predictive.

Sample. U.S. publicly traded firms with a publicly disclosed reincorporation action (DEF 14A vote, written-consent 8-K, or completion 8-K) between Jan 1, 2024 and Jun 26, 2026. N = 81. Universe source: SMU CGI Reincorporation Index, rev136.

As of: June 26, 2026. Cite: SMU Corp. Governance Initiative, Crossing the Chasm: U.S. Corporate Reincorporation, 2024–2026 (June 26, 2026), reincorporation-tracker.pages.dev/chasm.

Logos used solely for editorial identification; all marks property of their respective owners. SMU Corporate Governance Initiative