As the empire begins to crumble under the enormous weight of its manifold crises, it is inevitable that it will begin to lose territory. California, for example, circulated a petition to allow a vote on secession; it did not move forward this year, but will likely succeed in the next cycle—& that it has any support, is a major indicator.
With a self-sabotaged federal government less able to exert political control—it can bludgeon & kidnap individuals, but has less of a grip on the policy level—& the rise of defiant governors from California to Michigan to Florida, the fissures are already present. They widen with each conflict over funding, with each invasion by Federal pigs, with each super-storm for which recovery funding is withheld by a petty & petulant king.
So—when will the first State or territory secede? The title says "State," but only for the sake of brevity. All territory is counted here, for the purposes of the market.
It need not be through a formal secession process, any sort of declaration of independence will do. An extreme devolution of powers—i.e., if a American Samoa were granted stronger self-governance, exemption from certain Federal laws, &c.—would not count. External invasion & conquest, also would not count—i.e., if the playbook against Ukraine is carried out here, with "Little Green Men" stomping through Texas or something & pushing it into a breakaway region.
It must be a choice by the leaders & people already living in that State or territory, to somehow exit the Union.
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