The race to make Texas a national financial hub is heating up. Months after announcing a regional headquarters in Dallas, Nasdaq plans to launch Nasdaq Texas, a new dual listing venue that would join NYSE Texas and the Texas Stock Exchange on the newly established Y’all Street. Nasdaq expects to begin operations in early 2026, pending SEC approval.
“Texas is the financial services capital of America,” said Governor Abbott. “With another financial exchange coming to Texas, Nasdaq Texas cements our state as a global economic leader and will help further grow our leading financial industry. I thank Nasdaq for choosing Texas for their expansion and look forward to working together to keep Texas the financial hub of the nation.”
At the helm of Texas operations is Rachel Racz, who joined Nasdaq in 2013 to help stand up its oil and gas listings operation. Under her watch, she helped the exchange grow from capturing 20 percent of all energy IPOs to 80 percent.
“I think Dallas is the epicenter [of capital markets]—but really, it’s all of Texas,” Racz said. “The governor says it well: Texas has an incredible brand. What’s happening here, and what Nasdaq supports, is this miracle of leadership that’s been empowered across the state.
“Think about it—Texas is the eighth-largest economy in the world, soon to be seventh,” she continued. “It’s the global center and the gravitational force for innovation. It’s a job magnet and a job creator. I believe Texas is the bridge between energy and technology—the leader in job creation for both—and it embodies smart, pro-growth, pro-business regulation.”
Nasdaq might be third to join the capital markets party in Texas, but Racz is ready to compete.
“We don’t think about our competitors—we think about our clients,” she said. “We welcome competition, and we’re glad other companies view Texas as important as we do. But when I look at our business model compared with others, I truly believe no one offers the same holistic support for the capital markets that Nasdaq does.
“We want to win every listing, and we believe Nasdaq offers the best value proposition for companies looking to go public,” she continued. “Globally, we have about an 88 percent IPO win rate—meaning 88 percent of companies that choose to IPO do so on Nasdaq. I would expect our Texas numbers to be comparable to that.
“From a company growth perspective, roughly $3 trillion in market capitalization has transitioned from other exchanges to Nasdaq. About 500 companies have left their primary exchange to list with us. We already have a strong business of switches here in Texas, and I believe that segment will continue to grow as Nasdaq builds out its platform and deepens its support for listed companies across the state.”
Across the state, there are about 200 Nasdaq-listed companies with a combined market cap of $1.98 trillion. According to Racz, Nasdaq works with an additional 600 Texas companies, or its affiliated banks, to provide data transparency around its stock. Nasdaq has about 120 employees in the state.
Major companies have already chosen to dual-list on the NYSE Texas, including a handful of companies which have primary listings on Nasdaq. NYSE Texas’ first get was Trump Media & Technology, which is listed on Nasdaq too. AT&T, D.R. Horton, HF Sinclair, Comstock Resources, Marsh & McLennan, and more have also dual-listed with NYSE Texas.
The Texas Stock Exchange has yet to open for dual listings, but will do so in 2026.