Texas Becomes a Magnet for Corporate Relocation

Recent announcements from Dell, Apollo, Wells Fargo Advisors, SunHydrogen and Fermi signal a wave of Texas-focused expansions.

SunHydrogen’s Texas Test Looms as Global Expansion Accelerates

Texas offers no personal income tax, lower corporate rates, cheap land and a business-friendly regulatory climate, positioning it as a low-cost alternative to Delaware’s $2 billion franchise-fee base.

Another Wall Street giant flees blue state for Texas as exodus South accelerates

Dell’s board approved moving incorporation from Delaware to Texas, aligning with its Round Rock headquarters; shareholders will vote next month. Apollo plans a second headquarters in Texas or Florida for up to 1,000 staff. Wells Fargo Advisors bought Frisco-based AGT Private Wealth Advisors ($1.6 billion AUM) to expand North Texas. SunHydrogen will pilot 16 solar-to-hydrogen modules at UT Austin in May, targeting 10.8 percent efficiency. Fermi’s Amarillo data-center lacks an anchor tenant despite $156 million financing and a $486 million net loss.

Another Wall Street giant flees blue state for Texas as exodus South accelerates

Michael Dell said Texas offers extraordinary talent, world-class universities and a long-term business environment. Governor Abbott said the move shows job creators are welcomed, not punished. Delaware’s Matt Meyer warned the state must adapt after a century of franchise leadership. Apollo’s memo called the second-headquarters plan talent-driven. Steve Fulop urged a real pro-business agenda.

Another Wall Street giant flees blue state for Texas as exodus South accelerates

Delaware officials warn that corporate exits threaten the state's fiscal base and legal infrastructure, urging reforms. Business leaders in New York argue that the absence of a clear pro-business agenda is prompting firms to relocate.

Another Wall Street giant flees blue state for Texas as exodus South accelerates

• “It is a symbolic victory for Texas and another warning shot for Delaware, which collects roughly $2 billion a year in corporate franchise fees and counts more than 60 percent of the S&P 500 among its incorporated companies 'From my dorm room at the University of Texas in 1984 to our headquarters today in Round Rock, Texas, has given Dell what every great company needs to grow - extraordinary talent, world-class research universities and a business environment that lets us build for the long term,' chairman and CEO Michael Dell said.” — Michael Dell, Chairman & CEO, Dell Technologies

Another Wall Street giant flees blue state for Texas as exodus South accelerates

• “'Before Delaware, New Jersey was the leader and New Jersey lost it because they weren't nimble.” — Matt Meyer, Secretary of State, Delaware

Another Wall Street giant flees blue state for Texas as exodus South accelerates

Dell shareholders will vote next month. Apollo expects a location decision within weeks. SunHydrogen’s May pilot will test the 10.8 percent target. Fermi’s late-May 2026 AGM will decide its future. Wells Fargo Advisors will integrate AGT’s team in 2026.

Fermi's Texas Power Dream Hangs in the Balance as Leadership Exodus Deepens