Houston boasts impressive presence on annual list of fastest-growing businesses

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The Inc. 5000 list is out — here's how Houston faired this year. Photo by Natalie Harms

One hundred businesses in the Houston area — including the top-ranked company in Texas — have been named to the 2024 Inc. 5000 list of the country’s fastest-growing private companies.

The 2024 Inc. 5000 ranks companies based on their percentage growth in revenue from 2020 to 2023.

Topping the list of Houston-area companies on the list is The Woodlands-based Segment HR, which notched revenue growth of 7,353 percent. That growth rate earned Segment HR the No. 32 spot on the national list and the No. 1 ranking in Texas.

Founded in 2018 by former federal HR specialist Robin Scott, Segment HR specializes in providing HR support for federal agencies. The company employs remote HR specialists in 23 states and the District of Columbia.

Here’s the list of the top 25 Houston-area companies in the 2024 edition of the Inc. 5000, including each company’s headquarters city, growth rate, and national ranking:

Segment HR, The Woodlands, 7,353 percent, No. 32
Dhanani Private Equity Group, Stafford, 3,617 percent, No. 89
Realty.com, Houston 3,052 percent, No. 107
Turtlebox Audio, Houston, 1,913 percent, No. 209
Amundson Group, Houston, 1,306 percent, No. 332
Valiant Business Lending, Houston, 1,286 percent, No. 337
Strategic Office Support, Houston, 1,192 percent, No. 367
10xTravel, Houston, 1,102 percent, No. 401
NOW Insurance, Houston, 797 percent, No. 559
Explore Group, Houston, 796 percent, No. 562
Specialty1 Partners, Houston, 728 percent, No. 631
FINBOA, Houston, 714 percent, No. 650
BroCoTec, Houston, 687 percent, No. 690
Elite Roofing, Houston, 675 percent, No. 706
Patriot Bolt, Humble, 641 percent, No. 757
CT Sounds, Houston, 624 percent, No. 789
Supreme Jewelers, Friendswood, 525 percent, No. 965
Dometik Commercial Construction, Cypress, 477 percent, No. 1,070
Vape City, Houston, 459 percent, No. 1,116
Highlands Construction, Houston, 451 percent, No. 1,132
Houston Tents and Events, Houston, 438 percent, No. 1,171
Goebel Fasteners, Houston, 385 percent, No. 1,340
Field Industries, Houston, 376 percent, No. 1,366
Coverflex Manufacturing, Houston, 365 percent, No. 1,410

“One of the greatest joys of my job is going through the Inc. 5000 list,” says Mike Hofman, editor-in-chief of Inc. magazine. “To see all of the intriguing and surprising ways that companies are transforming sectors, from health care and AI to apparel and pet food, is fascinating for me as a journalist and storyteller.”

Elsewhere in Texas:

Austin-based Maev led the Austin-area pack with a growth rate of 6,734 percent, earning the No. 38 spot on the national list.
Dallas-based Archer Review led the Dallas-area pack with a growth rate of 5,771 percent, earning the No. 46 spot on the national list.
LaVernia-based Begesh led the San Antonio-area pack with a growth rate of 1,111 percent, earning the No. 396 spot on the national list.

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The sweaters may be ugly, but the success of Specialty1's team is gorgeous. Specialty1/Facebook

Houston company boasting 18,000-percent growth scores top spot on coveted Inc. 5000 list

winner, winner

Dozens of Houston-based companies have undergone explosive growth in revenue over the last few years, with one such business landing near the top of the prestigious 2023 Inc. 5000 list.

One Houston-based company, Specialty1 Partners, ranked No. 15 nationally, boasting an unimaginable 18,747 percent growth rate from 2019 to 2022. Founded in 2019 by a group of doctors, Specialty1 Partners is a specialty dental services provider focusing on endodontics, oral surgery, and periodontics.

In a press release celebrating their No. 15 spot, the company says it now has more than 350 specialists across 27 states, and over 220 practices.

"We are honored to be recognized by Inc. 5000 for our 3rd consecutive year," stated Daryl Dudum, founder and co-CEO of Specialty1 Partners. "Our tremendous growth reflects our core mission in serving our dental surgical specialists by providing the clinical autonomy they deserve and the business support they need."

While being No. 1 in Houston, Specialty1 Partners is also the fifth highest-ranked Texas business on the list, and No. 1 in the national dental industry. Austin-based CharterUp, an online marketplace specializing in real-time instant transportation booking, ranked No. 2 nationally and No. 1 in the state.

It's not the first award that Specialty1 Partners is celebrating this year. Dudum and his co-founder and co-CEO, Matthew Hadda, were named regional winners for the 2023 EY Entrepreneurs of the Year awards.

Companies on the 2023 Inc. 5000, released August 15, are ranked by percentage growth in revenue from 2019 to 2022. To qualify for the list, a company must have been founded and generating revenue by March 31, 2019. The company also must have been U.S.-based, privately held, for-profit, and independent as of December 31, 2022. The minimum revenue required for 2019 was $100,000; the minimum for 2022 was $2 million.

In all, 482 Texas-based companies made this year’s list, and 95 of those are Houston-based. The report says eight businesses are newly-founded, 59 are repeat honorees, and more than 9,400 jobs were added thanks to these companies.

The 10 remaining Houston-area businesses ranking among the top 500 include:

No. 81 – Hawthorne Capital, 5,574 percent growth rate
No. 89 – Valiant Capital, 5,223 percent growth rate
No. 162 – Intervene K-12, 3,207 percent growth rate
No. 205 – Mission Driven Meat & Seafood, 2,720 percent growth rate
No. 292 – BODY20, 1,931 percent growth rate
No. 360 – Cobalt Engineering and Inspections, La Marque, 1,588 percent growth rate
No. 383 – Jess Lea Boutique, Magnolia, 1,519 percent growth rate
No. 393 – Gasochem International, 1,469 percent growth rate
No. 441 – Supreme Jewelers, Friendswood, 1,315 percent growth rate
No. 489 – Just Made Foods LLC, 1,198 percent growth rate

Here are the other Texas companies appearing in the state’s top 20 are:

No. 2 – CharterUp, Austin, 111,130 percent growth rate
No. 4 – Green Light Distribution, Coppell, 41,090 percent growth rate
No. 13 – Blue Hammer Roofing, Dallas, 19,510 percent growth rate
No. 14 – eTrueNorth, Mansfield, 19,130 percent growth rate
No. 19 – Publishing.com, Austin, 16,497 percent growth rate
No. 85 – Archer Review, Dallas, 5,378 percent growth rate
No. 90 – Norwood, Austin, 5,189 percent growth rate
No. 104 – 24HourNurse Staffing, Pittsburg, 4,520 percent growth rate
No. 110 – Advantis Medical Staffing, Dallas, 4,302 percent growth rate
No. 112 – CloudServus, Austin, 4,215 percent growth rate
No. 144 – Maveneer, Dallas, 3,630 percent growth rate
No. 145 – Ashland Greene, Dallas, 3,617 percent growth rate
No. 152 – Physical Therapy Biz, Dallas, 3,542 percent growth rate
No. 155 – Curis Functional Health, Dallas, 3,444 percent growth rate
No. 175 – TimelyCare, Fort Worth, 3,015 percent growth rate
No. 180 – LeasePoint Funding Group, Austin, 2,920 percent growth rate

The full list of businesses can be found on inc.com.

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This article originally ran on CultureMap.

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Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.

NASA unveils Artemis III astronauts at Johnson Space Center in Houston

To the moon

NASA on Tuesday, June 9, revealed the crew for its Artemis III mission, the next step in the space agency's plan to eventually land astronauts on the moon.

The announcement came two months after Artemis II's record-breaking trip around the moon that surpassed the distance record of Apollo 13.

NASA's Randy Bresnik, Frank Rubio, Andre Douglas and the European Space Agency's Luca Parmitano won't fly to the moon or land on the surface. Instead, they’ll orbit Earth while practicing docking their Orion capsule with two lunar landers.

“To the Artemis III crew, we wish you Godspeed on the journey ahead,” said NASA administrator Jared Isaacman.

Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin are racing to deliver the lunar landers. The two-week demo is targeted for 2027. Blue Origin suffered a recent setback when its massive rocket exploded during an engine-firing test on the launch pad in Florida, shaking nearby homes and illuminating the sky with an orange fireball.

NASA's Jeremy Parsons said the setback is a learning opportunity and that the space agency is confident Blue Origin's rocket will be ready in time.

NASA's Artemis program aims to return astronauts to the moon's surface for the first time since the 1970s. A recent revamp of the program announced by Isaacman aims to fast-track it similarly to the Apollo era, adding the upcoming spaceflight around Earth before eyeing a lunar landing in 2028.

“We are certainly humbled as a crew to be able to be your crew that executes this Artemis III mission in space,” said Bresnik, Artemis III commander.

Added Douglas, mission specialist: “My brain — it is going a mile a minute right now. But my heart, it is so warm. It is so full."

In May, NASA awarded hundreds of millions of dollars in contracts to four companies, including Blue Origin, to build landers, rovers and drones for a future moon base. Isaacman said the goal of the moon base is to lay the foundation for a Mars expedition.

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