NEW DATA: SPACEX AND SEVEN OTHER COMPANIES HAVE RAISED $77.8 BILLION IN IPOS AS TEXAS ENTITIES. New research from SMU’s Corporate Governance Initiative identifies seven corporations and one LLC that have gone public under Texas law since 2025. SpaceX alone raised $75 billion. Six of the seven corporations moved to Texas while still privately held, meaning public shareholders never voted on their corporate domicile. Every one of the seven post-reform corporations selected the Texas Business Court as its exclusive forum for internal corporate disputes. And five additional Texas companies are in the IPO pipeline, including SoftBank-backed SB Energy, which converted from Delaware to Texas in August. The research documents another dimension of the competition over corporate law: companies choosing Texas before public investors ever buy their shares.