TXSE Group: Funding Rounds, Investors & CEO

About TXSE Group

TXSE Group owns the Texas Stock Exchange and Oculon Intelligence. The Dallas exchange is a fully electronic national securities exchange. It lists and trades U.S. and global public companies and exchange-traded products for issuers, investors and other market participants. Its proprietary order-matching engine and exchange platform are designed for low-latency performance, flexibility and scale. Oculon operates independently as an AI-native market-intelligence service. It analyzes regulatory reports and trading execution while monitoring equity and options markets.

TXSE received approval to operate as a national securities exchange in September 2025. Primary listings are now live. Brookmont’s ILS transferred from NYSE Arca on September 18, 2026. Calamos’ CTAG began trading three days later as TXSE’s first actively managed mutual-fund-to-ETF conversion. In late September, companies worth a combined $115 billion had announced moves within 20 days. TXSE Group’s third financing brought total capital to $430 million. Existing owners supplied more than 75% of that round. The leadership team has over 800 years of combined experience. James Lee is chairman and CEO. Jaime Gow is chief financial officer. The headquarters are in Dallas.

Funding Rounds (SEC Form D)

First sale	Filed with SEC	Amount sold	Investors	Avg. check	Terms	Filing
Oct 23, 2026	Nov 6, 2026	$10,000,000fully sold	1	$10.0M	EquityRule 506(b)	Form D ↗
Jul 14, 2026	Aug 6, 2026	$27,898,400of $161.2M target	15	$1.8M	EquityRule 506(b)	Form D ↗
Jul 14, 2026	Aug 4, 2026amended Aug 6, 2026	$27,898,400of $161.2M target	15	$1.8M	EquityRule 506(b)	Form D/A ↗1 earlier filing
Jul 13, 2025	Oct 6, 2025amended Jan 6, 2026	$112,723,460fully sold	75	$1.5M	EquityRule 506(b)	Form D/A ↗1 earlier filing
Sep 4, 2024	Sep 19, 2024amended Nov 15, 2024	$28,750,000fully sold	15	$1.9M	EquityRule 506(b)	Form D/A ↗1 earlier filing
Mar 19, 2024	Apr 3, 2024amended Aug 12, 2024	$132,500,000of $135.0M target	48	$2.7M	EquityRule 506(b)	Form D/A ↗1 earlier filing
Total, six offerings		$339,770,260

First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.

Rounds announced by TXSE Group

What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.

Announced	Round	Amount	Investors	Source
Oct 27, 2026	Equity investment	Undisclosed	State Street (lead)	Company announcement ↗
Sep 30, 2026	Third financing	$155 million	Existing owners supplied more than 75% of the round	Company announcement ↗ Bloomberg report ↗
Oct 31, 2025	Second financing	More than $250 million in total capital	J.P. Morgan	Company announcement ↗
Jun 5, 2024	Initial capital raise	Approximately $120 million	More than two dozen investors, including BlackRock and Citadel Securities	Company announcement ↗
Oct 27, 2026	Strategic investment	Undisclosed	State Street	Bloomberg ↗
Sep 30, 2026	Third funding round	$155 million	Existing shareholders	TXSE Group announcement ↗ Bloomberg ↗
Oct 31, 2025	Second funding round	More than $250 million total raised	J.P. Morgan	TXSE Group announcement ↗

Why Investors Backed TXSE Group

TXSE Group's investment case joins a stock exchange with independent market-analysis software. The exchange can build scale through listings and trading, while Oculon serves the data work around those markets. The bet depends on issuers choosing a Texas-based alternative and financial institutions continuing to support it.

The problem it targets

TXSE argues that public companies and exchange-traded product sponsors want steadier listing rules and more predictable costs. It also wants to reverse the long decline in the number of U.S. public companies. Its approach is to reduce the burden of becoming and remaining public while preserving quantitative listing standards. This frames the opportunity as a problem of issuer choice, cost and access rather than trading alone.

What the product does

The exchange has completed its order-matching engine and trading platform. It uses hardware and software designed for fast execution, flexibility and growth. The exchange also provides listing services for companies and exchange-traded product sponsors. Separately, Oculon offers subscription software that joins regulatory-reporting insights, execution analysis and market surveillance across stocks and options. Oculon operates independently from the exchange.

Progress so far

Federal regulators approved the exchange to operate nationally on September 30, 2025. Its Dallas headquarters had opened that spring. By September 2026, TXSE had operations, infrastructure and active primary listings. During the 20 days before its third-round announcement, public companies worth a combined $115 billion announced moves from the New York Stock Exchange and Nasdaq to TXSE. Those announcements covered established companies from across the United States.

Who backs it

Major owners include BlackRock, Charles Schwab and Citadel Securities. J.P. Morgan, Goldman Sachs and Bank of America also hold equity. The owner base spans financial institutions, liquidity providers and public-company leaders. Existing owners supplied more than 75% of the third-round financing. Equity holders also included sponsors representing more than 1,000 funds with $11 trillion in assets. This mix connects TXSE to asset management, brokerage and banking.

How the market is moving

In June 2024, Texas and nearby Southeastern states contained more than 1,500 public companies and over 5,200 private-equity-backed businesses. Texas also had more Fortune 500 companies than any other state. TXSE's view was that shifting trading volumes created room for another exchange and gave issuers more choices. It also saw regional population and economic growth as support for a Texas market center.

We wrote this summary from public statements by TXSE Group and its investors. It is not investment advice.