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Transnational companies are now becoming increasingly nomadic. This trend towards deterritorialization is accentuated under the effect of financialization which detaches economic actors from spatial constraints. Beside this financial capitalism, concentrated in a few spaces of command, another model exists formed by the global firms strongly rooted in their area. The authors aim to analyse these through the territorial anchoring of Michelin. They then make the hypothesis of the existence of a new mode of accumulation: territorial capitalism. Using the territory according to its own interests, it is also characterized by a form of territorial responsibility granted in exchange for political power. Lastly, this capitalist system makes it possible to overcome contradiction between nomadism and anchoring, and to perpetuate the territorial domination of capital.