Texas IPOs, explained
A short guide to what's going on, minus the hype.
What an IPO is
An initial public offering, or IPO, is generally when a company sells its shares to the public for the first time. [investor.gov]
A listing transfer is different. When Energy Transfer or Dillard's moved to the Texas Stock Exchange, they were already public. They just changed where their shares are primarily listed. [1] [2]
Why Texas
- New exchanges. The Texas Stock Exchange is headquartered in Dallas. Reuters reported its backers include BlackRock, Citadel Securities and Charles Schwab. NYSE Texas and Nasdaq Texas also operate from Dallas. [3] [4] [4a]
- State law. In May 2025 Texas wrote the business judgment rule into law (SB 29, in effect immediately). It also let registered stock exchanges leave certain trading-related payments out of their franchise tax revenue (SB 1058, in effect Jan 1, 2026). [5] [5a]
- A business court. The Texas Business Court started hearing cases on September 1, 2024. [6]
- Companies moving. Dillard's reincorporated in Texas before moving its listing. SpaceX is a Texas corporation. [7] [8]
What to watch
- The first IPO on the Texas Stock Exchange. The only public estimate so far is early 2027, from an adviser to the exchange. [9]
- More listing transfers and dual listings on the exchange's calendar. [10]
- Where Texas companies list when they go public: the Texas Stock Exchange, NYSE or NYSE Texas, or Nasdaq or Nasdaq Texas.
This site sticks to sourced facts. It doesn't rate companies or tell anyone what to buy.