85 U.S. issuers — predominantly publicly-traded, with a small number of private/pre-IPO rows tracked separately — have completed, voted on, or scheduled a state-of-incorporation change since the Tesla vote (predominantly Delaware-outbound), including a small set of non-Delaware-source counterflow and comparator rows.
A source-linked registry of tracked rows in the canonical matrix — from Tesla’s June 13, 2024 Delaware-to-Texas redomestication through the May 27, 2026 ExxonMobil shareholder vote (APPROVED) — with vote tallies, market value at move, SEC EDGAR filings, and Bluebook 21st citations.
The reincorporation event study — coming soonAggregate is the sum of market_cap_usdmm across the cohort; market-cap snapshot date 2026-06-17; database build date 2026-06-25. LTRPA contributes $0 (merged into Tripadvisor); IOT ($20.4B) and AIEV ($13M) are imputed point-in-time anchors.
to_stateScope note. This index tracks 85 firms that have completed, voted on, or scheduled a U.S. state-of-incorporation change since the June 2024 Tesla vote — predominantly Delaware companies redomiciling to Texas or Nevada, with a small number of counterflows and other destinations kept for comparison. A separate panel of 62 Texas-incumbent firms (incorporated in Texas before June 2024) serves as the within-state control and is not part of the tracked count. The 77-firm panel-B subset used for the event studies will be defined on the event-study page (coming soon).
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What you're looking at. Every firm in the tracker travels through four life-cycle stages: (1) the board announces the proposal to shareholders, (2) shareholders vote (or sign written consents), (3) the proposal is approved, and (4) the new state-of-incorporation becomes legally effective after the certificate of conversion is filed.
Why the lines step up over time. Each step represents one more firm reaching that stage. The dark blue line (Announced) leads, and the red line (Effective) trails — that gap is just paperwork latency.
What the dashed vertical markers mean. Those are the 7 legal/policy shocks cited in, or relevant to, the tracked cohort: Tornetta I (Jan 2024), Tesla redomestication (June 2024), SB 29 (May 2025), HB 40 (Sept 2025), Tornetta reversal (Dec 2025), and the ExxonMobil vote (May 2026).
Example. Tesla announced June 13, 2024; voted same day; approved same day; effective same day (the "step" jumps once vertically on the right edge of the Tesla marker).
Construction. For each firm i, four event dates are extracted from EDGAR: announcement_date_iso (first 8-K Item 8.01 / DEF 14A or PRE 14A filing date), vote_date_iso (Item 5.07 disclosed meeting date or written-consent execution date), approval_date_iso (vote_result ∈ {APPROVED, APPROVED_BY_WRITTEN_CONSENT}), and effective_date_iso (charter-conversion certificate filing per e.g. DGCL § 266 or TBOC § 10.108).
Monotonicity invariant. The cumulative count Nt(stage) satisfies announced ≥ voted ≥ approved ≥ effective ∀t by construction. Violations indicate definitional drift (e.g. counting vote_result=SCHEDULED placeholders as "voted"). The build pipeline asserts this invariant pre-deploy; see build_public_firms.py derive_summary().
Selection bias. The Apr '23–Apr '24 plateau reflects the pre-Tornetta baseline (only Tesla announced its move during this window). Post-Tornetta acceleration is consistent with the jurisdictional-competition framework in Bebchuk & Hamdani, Vigorous Race or Leisurely Walk: Reconsidering the Competition Over Corporate Charters, 112 Yale L.J. 553 (2002).
Comparable figure. See Fig. 3 of Daines (2001) 62 J. Fin. Econ. 525 for the Daines/Delaware market-value premium event study using the same cumulative-event-count form.
Drawn from the 77-firm migrator cohort. Conversion %s reflect the strict monotonic-funnel definition (Effective implies Approved). All counts hydrate from public_firms.json; the gap between Approved and Effective is the statutory-filing/closing latency. Funnel stages count firms by date-of-event presence (a recorded Announced, Voted, Approved, or Effective date), which can differ from the vote-result status tallies shown elsewhere on this page.
Timeline events (matches numbered pins on chart)
rev137-spacex-mcap-ipobirth-optionA-2026-06-15 (tear-sheet).Drawn from the 77-firm migrator cohort as of 2026-06-25. Reconciles to: Approved tile (59 meeting-vote) + Vote Outcomes panel (64 incl. written consent) + Destinations panel (8 jurisdictions). Why the "Announced" line tops out below the 77-firm cohort: a small number of cohort firms (currently 2) carry primary-source verification but no coded announcement-event date; they appear in the registry but not on the announcement step.
What you're looking at. The four bars show every firm in the cohort sorted by what happened at the shareholder vote: Approved, Rejected, Scheduled (not yet voted), or Pending (vote done, awaiting Item 5.07 8-K filing).
Why the numbers must add to the cohort total. Every firm is in exactly one bucket, so Approved + Rejected + Scheduled + Pending = total cohort. If they don't, something is mislabeled.
Example. Texas Capital (TCBI) is in the "Rejected" bar — shareholders voted no on the DE→TX move in April 2026.
Construction. Counts derive from vote_result ∈ {APPROVED, APPROVED_BY_WRITTEN_CONSENT, REJECTED, SCHEDULED, NULL}. The four-bar partition is exhaustive and mutually exclusive across the panel-B mover cohort (panel_b_dexit_mover == 1).
Note on "Approved" definitions. summary.approved includes written-consent rows (DGCL § 228 / TBOC § 6.202); summary.approved_strict excludes them. The KPI tile uses the strict definition for direct shareholder-meeting comparability.
Comparable figure. See Fig. 4 of Listokin, Management Always Wins the Close Ones, 10 Am. L. & Econ. Rev. 159, 169 fig. 4 (2008) (shareholder vote outcomes in charter amendments).
Denominator: 77-firm migrator cohort. LTRPA = COMPARATOR_ONLY (merged into Tripadvisor); retained for audit trail.
What you're looking at. Where the cohort firms are moving TO. Nevada and Texas dominate; everything else (Cayman, Delaware-counterflow, Florida, Maryland, Indiana, British Columbia) is a handful of edge cases or comparator rows kept for empirical contrast.
Why MERGED is missing. MERGED is a tag for firms that disappeared into a merger before completing the reincorporation (e.g. Liberty TripAdvisor → Tripadvisor); it's an outcome, not a jurisdiction. We count it on the cohort but exclude it from the "destinations" bars.
Example. Coinbase (DE→TX), Datadog (DE→NV), and Tesla (DE→TX) are the three biggest flag-firms in this panel.
Construction. to_state on the panel-B mover cohort, grouped and counted. Non-jurisdictional outcome tags ({MERGED, WITHDRAWN, UNKNOWN}) excluded; destinations_jurisdictional_count excludes them, destinations_count retains for audit-trail.
Why Nevada dominates. Post-2024 Nevada activity reflects NRS 78.138 (business-judgment-rule statutory codification) and broader jurisdictional-competition dynamics empirically mapped in Guhan Subramanian, The Disappearing Delaware Effect, 20 J.L. Econ. & Org. 32 (2004).
Comparable figure. See Tab. 1 of Bebchuk & Cohen (2003) 46 J. Law & Econ. 383 (destination-state distribution of corporate charters).
Three firms failed entirely: TCBI at 45.2% (TX, cast-basis failure), WFRD at 62.05% of votes cast / 55.62% of outstanding (TX, failed the Irish 75%-in-value scheme-of-arrangement threshold) and BURU at 88.7% votes cast (NV, failed DGCL §266 outstanding-basis test). Each dot is one firm; marker colour shows controller tier (navy = controlled, steel = founder/insider-influenced, light blue = widely-held, grey = unknown), diamond = written-consent approval, red X = legal-test failure. Controller status is coded as of each firm’s reincorporation vote/consent record date. BURU is shown twice (ghost at 88.7% cast-basis, red X at 26.2% outstanding-basis equivalent) connected by a dashed line.
TCBI failed the cast-basis test below 50%. WFRD won 62.05% of votes cast (55.62% of shares outstanding) but fell short of the Irish scheme-of-arrangement threshold of 75% in value at the Court Meeting. BURU had a high votes-cast result but failed the DGCL §266 outstanding-basis test. The red failure marker overrides location on the x-axis.
In the current coded cohort, the gap is associated with Nevada’s greater concentration of controlled / insider-heavy votes and written-consent approvals (the chart is descriptive; it does not by itself identify a causal effect of destination state). Texas contains more arms-length, contested votes.
Texas now includes FirstCash at 53.84% (Jun 9, 2026) — the new floor for the cohort — plus Tesla at 63% and ExxonMobil at 71.2%. Nevada’s results cluster more tightly in the 80s–90s, with few observations below the mid-70s.
approval_pct as disclosed in each firm's SEC filing (primary). Rebuilt from the live cohort 2026-06-10 — real firms only; approval basis varies by state and mechanism (outstanding-share vs votes-cast vs written-consent) and is labeled per point.
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A reincorporation event study built to a publishable standard: market-model and Fama–French abnormal returns, matched controls, long-horizon performance, and honest inference. In active development — preview what's coming and check back for the full study.
The headline cohort — 77 panel-B analytical rows and $4.8T in aggregate market value — is the most visible slice of a broader database. The full database also includes Texas-incumbent reference firms, counterflow comparators, private/watchlist rows, and outside-scope analytical comparators. Row class is mutually exclusive; chart eligibility is controlled separately.
Why an eight-class taxonomy. Cohort-definition choices are the largest source of analytical disagreement among reincorporation researchers. We make ours visible.
Priority order (first-match wins, deterministic). A firm with multiple matching conditions is assigned to the highest-priority class only.
panel_b_dexit_mover=0; e.g., SpaceX pre-IPO redomestication, AEI's pre-Tornetta move, DE→NV reverse plays).panel_b_dexit_mover=0).
Reconciliation: 74 + 62 + 4 + 0 + 0 + 1 + 1 + 7 = 149 total firm rows (sums fully hydrated from canonical via data-counter spans).
Headline cohort: 77 = 74 MOVER rows + 3 selected counterflow rows retained for panel-B empirical analysis (NL Industries NJ→DE, YHC NV→DE, CTNT NC→DE). POSC (TX→DE, panel_b=0) and SpaceX (private watchlist) are tracked separately and are NOT counted in the headline. Row class and panel eligibility are separate fields — row_class is mutually exclusive; panel_b_dexit_mover determines inclusion in headline-cohort charts.
Source: summary.by_row_class, summary.panel_b_dexit_mover_count, and summary.panel_a_tx_incumbent_count from the canonical Reincorporation Index database. Full taxonomy definitions will publish with the event study (coming soon). Data version: rev137-spacex-mcap-ipobirth-optionA-2026-06-15 · Last built: 2026-06-25 18:58:01 UTC
This table shows the panel-B mover cohort. The full canonical universe is 149 rows; the Texas-incumbent reference panel is 62 rows. How these denominators differ →
| Announcement Date | Meeting / Vote Date† | Vote / Approval State | Company | Move | Market Cap as of 2026-06-17 |
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† Meeting / Vote Date. Reports the date of the shareholder meeting where the reincorporation was voted on, or the date the vote was certified. For written-consent and private-action firms (no public shareholder meeting), this column shows the effective date — the date the certificate of conversion or domestication was filed with the destination state’s Secretary of State — per the public-disclosure convention used throughout the Index. Private companies (e.g., SpaceX) and pre-IPO conversions (e.g., EquipmentShare) follow this same convention; per-firm pages and audit notes carry the underlying primary source for each value.
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How we classify each row, the bucket taxonomy (A, B1, B2, C, D, X, Y, Z — see methodology page for full definitions), the source-confidence tiers, and the public-Tracker-vs-research-Panels distinction.
… inline source citations across 7 categories (A–G): foundational asset-pricing methods (Sharpe / FFJR / Brown-Warner / Patell / Fama-French / Carhart / Abadie), Delaware corporate-law scholarship (Daines / Subramanian / Bebchuk), Texas reform (SB 29, SB 1057, TBOC, practitioner memos), court opinions (Tornetta, In re Match Group, Maffei v. Palkon), federal securities law, and open data sources.
For the underlying database (Excel), the change log, or a CSL-JSON / Zotero export, contact sgoodwin@smu.edu.
rev137-spacex-mcap-ipobirth-optionA-2026-06-15) via the data-export pipeline. The active cohort is the 77-firm panel of publicly-traded U.S. issuers with documented state-of-incorporation changes announced since June 2024 — predominantly Delaware-source moves to Texas or Nevada, plus counterflows and non-Delaware sources retained for empirical comparability. Bucket classifications, panel eligibility, audit status, effective dates, and primary-source links all flow from the database. Event study (coming soon).