Tech Dilution Through Q3: Discipline Cracks at Big Tech

Platform Aeronaut

Thomas Reiner

Article

10 Pages

Thomas Reiner reviews how share based dilution has evolved across tech through Q3 2025, with discipline slipping at Big Tech. The piece breaks dilution into trailing forward and SBC components, highlights Meta and Tesla as notable backsliders, and uses a cohort based leaderboard to separate disciplined issuers from chronic diluters.

Date published: November 17, 2025

Key Takeaways

Big Tech backslides: Large platforms loosen dilution discipline as Tesla awards and Meta AI hiring lift share issuance versus peers.
Three dilution lenses: Trailing, forward, and SBC based views separate past grants, current decisions, and valuation driven effects.
Cohort based scoreboard: Cohort charts and leaderboards highlight disciplined issuers and chronic diluters, guiding position sizing and engagement priorities.
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