Is Texas the New Delaware? Meta in talks to reincorporate

Top News

• Wise in hot water: The Consumer Financial Protection Bureau (CFPB) has fined unicorn fintech, Wise, for allegedly imposing deceptive fees on consumers. The CFPB asserts that Wise misled customers about its fee structure, resulting in unexpected charges. Wise has been ordered to redress affected customers about $450K and pay a $2.025 million civil penalty. This lawsuit ushers in an era of heightened regulatory scrutiny on fintech companies.

• Is Texas the new Delaware? Less than a year after Elon Musk moved his companies’ legal incorporation from Delaware to Texas, Zuckerberg appears to be following suit with Meta. This potential shift comes after Meta settled a $1.4 billion facial-recognition case with Texas, making it beneficial to shift incorporation to the Lonestar State. Delaware incorporation has long been the status quo for Fortune 500 companies, but this paradigm might be shifting.

• OpenAI revamps their reasoning model: OpenAI has unveiled o3-mini, the latest addition to its reasoning model lineup today. Designed to enhance logical problem-solving (specifically in STEM fields), o3-mini builds upon the capabilities of its predecessor, o1. The model is currently undergoing safety testing, with OpenAI inviting researchers to participate in evaluations before publicly launching later this year.

TWiST500

Today, I’m adding Alice & Bob to the TWiST500. Earlier this week, the Paris-based quantum startup raised €100M ($104M) to develop a fault-tolerant quantum computer—one designed to work around errors, which are one of the biggest bottlenecks in quantum computing. The round, co-led by Future French Champions, AXA Venture Partners (AVP), and Bpifrance, builds on a $30M Series A in 2022.

Unlike quantum giants like Quantinuum ($5B valuation) or Google’s Sycamore, Alice & Bob isn’t trying to build the most powerful quantum machine—they’re trying to build the most practical one. Instead of throwing more qubits at the problem, they’re using “cat qubits”—that correct some errors at the hardware level. Their goal is a commercially viable quantum computer by 2030.

That’s the goal. The reality? Quantum computing has been "just a decade away" for decades. But with AI pushing computing demand to its limits, interest in alternative architectures like quantum is heating up.

Alice & Bob is still a bet on the future, but if their approach works, they won’t just be another expensive research experiment— they’ll be a key player in making quantum computing actually useful. I think it's a company worth watching, so onto the TWiST500 it goes.

— Maddie

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