Dallas 36, Austin 26, Houston 16: why Texas doesn't need to be SF

Texas closed 106 deals at $6.24B in Q1, holding the #3 state position behind New York and California—Dallas led with 36, Austin 26, Houston 16. The Texas tech narrative isn't riding AI megarounds or chasing San Francisco's playbook; it's building a dependable third lane that doesn't need hype cycles to post volume. If your portfolio thesis bakes in concentration risk or narrative momentum, is "dependable and durable" the position you're underweighting?

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This episode was published on June 4, 2026.

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