Welcome to Y'all Street

Something big is happening in Texas capital markets. TXSE rang its first full production bell on July 31. Nasdaq Texas launched at the Alamo in March. Corporate listings begin later this year. First IPOs come in 2027. The headlines are everywhere. The real question is quieter: what does any of this mean for a pre-seed founder in San Antonio — or anywhere in Texas — thinking about capital, growth, and eventual liquidity in a state that's building its own financial infrastructure? Daniel Hoverman, Managing Director and Head of Corporate & Investment Banking at Texas Capital Bank, leads a conversation with the people closest to the story. What the new Texas capital markets actually look like from the inside. What it means for founders raising today. What it will mean for founders raising in 2027 and beyond. And what to start doing about it now.