Across the 85-firm all-tracked-movers cohort, most started in Delaware and chose Texas or Nevada; a small set of counterflow rows moved into Delaware

84 migrating-company arcs are drawn from the 85-firm cohort (one merged-out row carries no destination and is not drawn) — where the all-tracked-movers cohort came from and where they went (of which 77 are the Panel-B analytical subset). Ribbon thickness = number of firms on that arc.
Reincorporation flow from origin state to destination state Sankey diagram. Left-hand nodes are origin states (Delaware dominates, with thin counterflows from New Jersey, New York, Michigan, Montana, Colorado, Nevada, and Ireland). Right-hand nodes are destination states (Texas and Nevada dominate, with a small number of Delaware, Maryland, and Cayman Islands destinations). Toggle between firm-count weighting and aggregate market-capitalization weighting to see how a small number of mega-caps (Tesla, ExxonMobil) shift the apparent flow.

Computed from origin state → destination state on the all-tracked-movers cohort (85 arcs drawn). Rows tagged as merged are excluded from the diagram. Aggregate-market-value mode sums each firm’s market capitalization per arc and is dominated by Tesla (DE→TX) and ExxonMobil (NJ→TX, approved May 27, 2026; pending certificate-of-merger effectiveness). SpaceX — a recently-IPO’d issuer (NASDAQ: SPCX, June 2026) whose Delaware→Texas move predated its IPO — is included in the market-value view; it is tracked for market value but excluded from the public-company mover count.
Source: public_firms.json — view raw data · dataset generated — · market-cap snapshot —

Texas accounts for most migrating-company market value; Nevada has the most firms.

Migrating market value by destination state — hydrated live from public_firms.json across the all-tracked-movers cohort (the full state-change cohort, incl. SpaceX; withdrawn and merged moves excluded). Switch to Top firms to see who drives it.

Source: public_firms.json — view raw data. Named top firms link to their SEC filings: SpaceX 424B4 · Tesla 8-K (DE→TX vote) · ExxonMobil 8-K (TX redomiciliation).
dataset generated — · market-cap snapshot —