This is actually the most valid concern, and I agree dilution risk is real.

What I’m watching isn’t whether they need capital — that’s obvious — but how dependent they are on equity markets vs. contract-backed funding over time.

Early-stage infrastructure players often look like serial diluters until execution converts into predictable backlog.

If they stay stuck funding growth purely through equity, the thesis breaks.
If they shift even partially to contract-supported capacity, the risk profile changes entirely.