The SpaceX IPO and the New Frontier of Corporate Governance: A Test of Investor Autonomy

SpaceX's impending initial public offering — potentially the largest in history at a valuation exceeding $1.25 trillion — has generated extraordinary controversy among institutional investors, corporate governance scholars and securities regulators. What makes SpaceX different is not merely the scale of its offering or the celebrity of its founder, Elon Musk. Rather, the company is testing a proposition that cuts to the core of American securities law.

June 10, 2026 Carliss N. Chatman

Less Disclosure, More Questions: Evaluating the SEC’s Semiannual Reporting Proposal

Even if the Securities and Exchange Commission gives public companies permission to report less often, will investors, analysts and lenders actually let them? That is the central question raised by the Commission’s May 5 proposal to allow U.S. public companies to replace quarterly Form 10-Q filings with semiannual reports on a new Form 10-S — the most significant proposed change to the periodic reporting framework since quarterly reporting became mandatory in 1970.

May 20, 2026 Hillary H. Holmes & Cynthia M. Mabry

The Rise of ‘DEXIT’: Why Corporations are Swapping Delaware for Texas

The corporate landscape in the United States is shifting as a growing number of companies are making the choice to “DEXIT.” This article looks at reasons shareholders are citing in SEC filings for making the decision to redomicile in Texas.

May 14, 2026 Byron F. Egan

Continued Scrutiny of Private Equity and Private Ownership of Healthcare Entities

Private investment in healthcare entities continued at a high pace in 2025, reaching global highs in deal value. A consequence of the high deal volume has been increased attention and scrutiny by many state governments of transactions between private equity and certain healthcare entities. While Texas failed to pass a healthcare transaction reporting law in the most recent legislative session, two proposed bills may be harbingers of similar future regulation to come.

May 10, 2026 Sheryl Dacso & Janus Pan

The Texas Reincorporation Trap — What the ExxonMobil Vote Reveals About Board Power

ExxonMobil’s shareholders are being asked to cast a vote this May that they may not fully understand. The company’s board has unanimously recommended moving its state of incorporation from New Jersey to Texas, framing the change as a step toward “maximizing shareholder value.” That framing is misleading. What the reincorporation actually does is place ExxonMobil under a body of Texas corporate law that gives the board sweeping authority to restrict shareholder rights at any time, through a simple bylaw amendment, without asking shareholders for permission. Shareholders are being invited to approve a transaction that hands the board the keys to a governance regime that those same shareholders may one day wish they had never unlocked.

March 31, 2026 Christina M. Sautter

How Gusinsky Helps Pave the Way to Y’all Street

On March 17, the United States District Court for the Northern District of Texas dismissed Gusinsky v. Reynolds, applying and upholding the reforms to the Texas Business Organizations Code introduced in 2025 by Senate Bill 29. The opinion confirms that the Texas legal reforms associated with Y’all Street are working and should help corporations and their boards feel confident that these new statutory tools will withstand judicial scrutiny.

March 20, 2026 Chris Babcock

AI After the Strikes: What Texas Lawyers Need to Know About Digital Replica Clauses

Following the post-strike AI provisions negotiated by SAG-AFTRA and the Writers Guild of America, the entertainment industry is entering a new phase of grappling with artificial intelligence. Performers and writers demanded meaningful limits on the use of AI to replicate their voices, likenesses and performances and now the burden shifts to lawyers to operationalize them with clarity and foresight. Updating contract templates to include boilerplate AI clauses is the easy part; the real challenge is drafting for a technology that is moving faster than the law can keep up with.

March 2, 2026 Natalie LeVeck

AI as a Service — Divergent State Tax Approaches and Their Impact

Artificial intelligence as a service is transforming business operations across industries, but its tax treatment remains inconsistent among states. For example, Texas applies sales tax to many AIaaS offerings under its “data processing” framework by taxing 80 percent of the service charge, while Indiana exempts AIaaS entirely as a nontaxable service. These differences have significant implications for deal structuring, compliance risk and valuation in private equity transactions. This article examines Texas’ controversial stance, contrasts it with Indiana’s approach and explains why these distinctions matter for investors and operators.

January 22, 2026 Josh Prywes & John Laughlin

One Big Beautiful Bill Disrupts Clean Energy Investment

The bill’s enactment dramatically shifts the landscape for renewables and energy transition investments. The law is expected to have a significant impact on investment in Texas, which is among the top producers of wind and solar generated electricity in the country.

July 24, 2025 Scott W. Cockerham, Jim Cole & Eli M. Katz

What Corporate Lawyers Need to Know About Recent Changes to Texas Law

Texas has made bold moves in its efforts to attract corporations by implementing one of the most sweeping sets of reforms to its corporate law. The Texas Business Organizations Code positions the Lone Star State as an increasingly attractive option for the state of incorporation. This article highlights the key points that corporate lawyers need to know about recent changes to the TBOC.

October 19, 2025 Hillary H. Holmes & Gerald Spedale