Corporations themselves lack the will and intelligence to control a state directly. This isn’t Cyberpunk. Corporations need states, not the other way around. What’s more likely is one specific oligarch taking control by using their wealth and connections to boost their campaign and running a populist platform (what do you think “benevolent” billionaire Tom Steyer was up to in California’s gubernatorial race?)

This is distinctly different to a corporation seizing control, because the former oligarch is a dictator first and an oligarch second. Unless bloodline royalty sees a long term cultural resurgence, they cannot build anything past their own lifetime, especially with how volatile the current situation is.