Financiers plan to launch a Texas-based stock exchange

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The group raised approximately $120 million of capital to create the Texas Stock Exchange. Photo via Getty Images

A group of financial firms and investors is planning to launch a Texas-based private market stock exchange and offer traders an alternative to the New York Stock Exchange and Nasdaq.

The group, which includes BlackRock, Citadel Securities and about two dozen investors, raised approximately $120 million of capital to create the Texas Stock Exchange, which would be headquartered in Dallas. They are now seeking registration with the U.S. Securities and Exchange Commission to operate as a national securities exchange later this year.

“Texas and the other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” said James Lee, founder and CEO of TXSE Group.

Stock exchanges are private institutions where stocks, bonds and other securities are traded. If the SEC clears TXSE to begin operations, it will be the first stock exchange to launch in the country in recent years.

According to the Wall Street Journal, which first reported on the creation of the new exchange, TXSE promises to be more CEO-friendly than other exchanges and wants to capitalize on discontent over new rules and rising compliance costs at Nasdaq and NYSE.

“If we look at the three states with the largest economy, New York has two stock exchanges. Texas, comparably to California, is growing economically and demographically really fast, and already has a big number of Fortune 500 biggest companies headquarters, so it makes sense Dallas would be an ideal place,” said Steven Pedigo, a professor at the University of Texas at Austin’s LBJ School of Public Affairs and an expert in economic and urban development.

But it could be difficult for a new exchange to take off in the U.S. listings market, where the Nasdaq and NYSE have dominated for decades. The U.S. exchange business consists of about 16 equities exchanges with NYSE accounting for more than 20% of the volume in equities trading in May and Nasdaq over 15%, according to Bloomberg. Nasdaq acquired the Philadelphia Stock Exchange and Boston Stock Exchange, two of the oldest exchanges in the country, in 2007. The NYSE bought the Chicago Stock Exchange in 2018.

“What makes this project interesting is the big companies that supported and financed the new stock exchange, that is why it could be a serious competitor. But it is a ‘to be continued’ story,” Pedigo said.

TXSE founders said they chose Texas as the home for the new national securities exchange because of the state’s rapid economic and population growth. Texas has been a leader in attracting business relocations and expansions in recent years. More than 7,200 firms relocated to Texas between 2010 and 2019, creating nearly 103,000 jobs, according to data from the Federal Reserve Bank of Dallas. Businesses that relocated to Texas mostly went to the state’s major metropolitan areas, with Dallas and Houston being the favored destinations.

Major corporations like Tesla and Toyota have chosen the state as their new home base in recent years. Big financial companies like Goldman Sachs have also made big investments lately in Dallas.

Pedigo said this new stock exchange wouldn’t necessarily lead to more jobs being created in the state but would help further bolster the pro-business image Texas has been working on for years.

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This story was originally published by The Texas Tribune and distributed through a partnership with The Associated Press.

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Intuitive Machines to acquire NASA-certified deep space navigation company

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Houston-based space technology, infrastructure and services company Intuitive Machines has agreed to buy Tempe, Arizona-based aerospace company KinetX for an undisclosed amount.

The deal is expected to close by the end of this year, according to a release from the company.

KinetX specializes in deep space navigation, systems engineering, ground software and constellation mission design. It’s the only company certified by NASA for deep space navigation. KinetX’s navigation software has supported both of Intuitive Machines’ lunar missions.

Intuitive Machines says the acquisition marks its entry into the precision navigation and flight dynamics segment of deep space operations.

“We know our objective, becoming an indispensable infrastructure services layer for space exploration, and achieving it requires intelligent systems and exceptional talent,” Intuitive Machines CEO Steve Altemus said in the release. “Bringing KinetX in-house gives us both: flight-proven deep space navigation expertise and the proprietary software behind some of the most ambitious missions in the solar system.”

KinetX has supported deep space missions for more than 30 years, CEO Christopher Bryan said.

“Joining Intuitive Machines gives our team a broader operational canvas and shared commitment to precision, autonomy, and engineering excellence,” Bryan said in the release. “We’re excited to help shape the next generation of space infrastructure with a partner that understands the demands of real flight, and values the people and tools required to meet them.”

Intuitive Machines has been making headlines in recent weeks. The company announced July 30 that it had secured a $9.8 million Phase Two government contract for its orbital transfer vehicle. Also last month, the City of Houston agreed to add three acres of commercial space for Intuitive Machines at the Houston Spaceport at Ellington Airport. Read more here.

Japanese energy tech manufacturer moves U.S. headquarters to Houston

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TMEIC Corporation Americas has officially relocated its headquarters from Roanoke, Virginia, to Houston.

TMEIC Corporation Americas, a group company of Japan-based TMEIC Corporation Japan, recently inaugurated its new space in the Energy Corridor, according to a news release. The new HQ occupies the 10th floor at 1080 Eldridge Parkway, according to ConnectCRE. The company first announced the move last summer.

TMEIC Corporation Americas specializes in photovoltaic inverters and energy storage systems. It employs approximately 500 people in the Houston area, and has plans to grow its workforce in the city in the coming year as part of its overall U.S. expansion.

"We are thrilled to be part of the vibrant Greater Houston community and look forward to expanding our business in North America's energy hub," Manmeet S. Bhatia, president and CEO of TMEIC Corporation Americas, said in the release.

The TMEIC group will maintain its office in Roanoke, which will focus on advanced automation systems, large AC motors and variable frequency drive systems for the industrial sector, according to the release.

TMEIC Corporation Americas also began operations at its new 144,000-square-foot, state-of-the-art facility in Brookshire, which is dedicated to manufacturing utility-scale PV inverters, earlier this year. The company also broke ground on its 267,000-square-foot manufacturing facility—its third in the U.S. and 13th globally—this spring, also in Waller County. It's scheduled for completion in May 2026.

"With the global momentum toward decarbonization, electrification, and domestic manufacturing resurgence, we are well-positioned for continued growth," Bhatia added in the release. "Together, we will continue to drive industry and uphold our legacy as a global leader in energy and industrial solutions."

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This article originally appeared on EnergyCapitalHTX.com.

2 Texas cities named on LinkedIn's inaugural 'Cities on the Rise'

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LinkedIn’s 2025 Cities on the Rise list includes two Texas cities in the top 25—and they aren’t Houston or Dallas.

The Austin metro area came in at No. 18 and the San Antonio metro at No. 23 on the inaugural list that measures U.S. metros where hiring is accelerating, job postings are increasing and talent migration is “reshaping local economies,” according to the company. The report was based on LinkedIn’s exclusive labor market data.

According to the report, Austin, at No. 18, is on the rise due to major corporations relocating to the area. The datacenter boom and investments from tech giants are also major draws to the city, according to LinkedIn. Technology, professional services and manufacturing were listed as the city’s top industries with Apple, Dell and the University of Texas as the top employers.

The average Austin metro income is $80,470, according to the report, with the average home listing at about $806,000.

While many write San Antonio off as a tourist attraction, LinkedIn believes the city is becoming a rising tech and manufacturing hub by drawing “Gen Z job seekers and out-of-state talent.”

USAA, U.S. Air Force and H-E-B are the area’s biggest employers with professional services, health care and government being the top hiring industries. With an average income of $59,480 and an average housing cost of $470,160, San Antonio is a more affordable option than the capital city.

The No. 1 spot went to Grand Rapids due to its growing technology scene. The top 10 metros on the list include:

  • No. 1 Grand Rapids, Michigan
  • No. 2 Boise, Idaho
  • No. 3 Harrisburg, Pennsylvania
  • No. 4 Albany, New York
  • No. 5 Milwaukee, Wisconsin
  • No. 6 Portland, Maine
  • No. 7 Myrtle Beach, South Carolina
  • No. 8 Hartford, Connecticut
  • No. 9 Nashville, Tennessee
  • No. 10 Omaha, Nebraska

See the full report here.

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