For the first time in a decade, California beat out Texas as the state with the most Fortune 500 businesses. This comes despite major businesses moving their headquarters to the Lone Star State in 2024, including Chevron and Elon Musk’s SpaceX and X .
Fortune first released the coveted list in June announcing the shift in rankings, noting that California boasted 57 companies, while Texas and New York were tied for second with 52 companies each. In 2023, Texas had 55 companies on the list , but saw businesses like Southwestern Energy Co. fall out of the top 500 rankings.
Although Chevron on the list moved from the California column to Texas at the beginning of August, the Lone Star State still ranks behind its longtime rival. SpaceX and X, formerly Twitter, were not included on the California roundup, since they are not ranked in the Fortune 500. X is ranked 597 , and SpaceX does not have a rank outside of landing on the America’s Most Innovative Companies list at No. 71 …