How Delaware Turned Incorporation Alchemy Into 33B Gold

Delaware just posted thirty-three billion dollars in venture deals and almost all of it is fake—not fraud, but legal paperwork from companies that actually operate in California and Texas. That address in Wilmington processing billions in filings is a registered agent mailbox, and if you're building your investment thesis on Delaware numbers without separating legal domicile from actual headquarters, you're analyzing the mailbox industry instead of venture capital. Even ExxonMobil is voting in May on leaving Delaware for Texas, and funds that don't track this incorporation arbitrage are making multi-million dollar decisions based on where companies file paperwork, not where they actually build anything.