Dilution Tracker — Public Companies Ranked by Share-Count Growth
Share-count growth and dilution-structure signals for 85 companies in DredgeCap's coverage. Sorted heaviest dilution first. Each row is sourced from the cover page and capitalization notes of the company's cached annual filings on SEC EDGAR. Top of the table: Super Micro Computer, Inc. (SMCI) at 1,075% share-count growth over the scanned period.
Coverage by Classification
Dilution Table (85 companies)
| Ticker | Company | Growth % | Shares (Now → Then) | Class. | Flags | Source |
|---|---|---|---|---|---|---|
| SMCI | Super Micro Computer, Inc. | 1,075%(39mo) | 594.3M ← 50.6M | Heavy | CONV | 10-K · 2025-08-28 |
| MSTR | Strategy Inc | 900%(49mo) | 19.6M ← 2.0M | Heavy | ATMCONV | 10-K · 2026-02-19 |
| IREN | IREN Ltd | 395%(38mo) | 272.0M ← 55.0M | Heavy | ATMCONV | 10-K · 2025-08-28 |
| FTNT | Fortinet, Inc. | 360%(49mo) | 739.9M ← 160.8M | Heavy | — | 10-K · 2026-02-25 |
| GILD | GILEAD SCIENCES, INC. | 260%(56mo) | 1.24B ← 345.0M | Heavy | — | 10-K · 2026-02-24 |
| AITX | Artificial Intelligence Technology Solutions Inc. | 247%(39mo) | 16.75B ← 4.83B | Heavy | CONVR/S | 10-K · 2025-05-29 |
| ILMN | ILLUMINA, INC. | 186%(49mo) | 57.1M ← 20.0M | Significant | — | 10-K · 2026-02-12 |
| MARA | MARA Holdings, Inc. | 127%(34mo) | 380.2M ← 167.2M | Significant | ATMCONV | 10-K · 2026-03-02 |
| MNST | Monster Beverage Corp | 84.8%(49mo) | 978.3M ← 529.4M | Significant | — | 10-K · 2026-02-27 |
| AFRM | Affirm Holdings, Inc. | 46.9%(48mo) | 284.9M ← 194.0M | Moderate | CONV | 10-K · 2025-08-28 |
| SOFI | SoFi Technologies, Inc. | 39.3%(46mo) | 1.28B ← 915.7M | Moderate | CONVR/S | 10-K · 2026-02-17 |
| RIVN | Rivian Automotive, Inc. / DE | 38.6%(47mo) | 1.24B ← 892.7M | Limited | CONV | 10-K · 2026-02-12 |
| COIN | Coinbase Global, Inc. | 30.3%(48mo) | 223.0M ← 171.2M | Limited | CONV | 10-K · 2026-02-12 |
| SPGI | S&P Global Inc. | 23.9%(49mo) | 298.8M ← 241.1M | Limited | — | 10-K · 2026-02-11 |
| PLTR | Palantir Technologies Inc. | 18.8%(48mo) | 2.29B ← 1.93B | Limited | — | 10-K · 2026-02-17 |
| LYFT | Lyft, Inc. | 17.1%(48mo) | 398.1M ← 340.0M | Limited | CONV | 10-K · 2026-02-11 |
| UPST | Upstart Holdings, Inc. | 16.7%(48mo) | 98.1M ← 84.1M | Limited | ATMCONV | 10-K · 2026-02-10 |
| XEL | XCEL ENERGY INC | 14.6%(49mo) | 623.9M ← 544.2M | Limited | ATM | 10-K · 2026-02-25 |
| HIMS | Hims & Hers Health, Inc. | 11.6%(49mo) | 219.6M ← 196.7M | Limited | CONV | 10-K · 2026-02-23 |
| NET | Cloudflare, Inc. | 10.7%(37mo) | 317.6M ← 287.0M | Limited | CONV | 10-K/A · 2026-04-29 |
| GRAB | Grab Holdings Ltd | 9.7%(49mo) | 3.97B ← 3.62B | Limited | CONV | 20-F · 2026-03-06 |
| OXY | OCCIDENTAL PETROLEUM CORP /DE/ | 9.6%(37mo) | 986.3M ← 900.1M | Limited | — | 10-K · 2026-02-18 |
| SLB | SLB LIMITED/NV | 6.6%(49mo) | 1.50B ← 1.40B | Limited | — | 10-K · 2026-01-23 |
| BILI | Bilibili Inc. | 6.2%(49mo) | 414.7M ← 390.6M | Limited | CONV | 20-F · 2026-04-16 |
| UBER | Uber Technologies, Inc | 5.3%(48mo) | 2.06B ← 1.95B | Limited | CONV | 10-K · 2026-02-13 |
| SNAP | Snap Inc | 4.7%(49mo) | 1.43B ← 1.37B | Limited | CONV | 10-K · 2026-02-05 |
| ABNB | Airbnb, Inc. | 3.6%(36mo) | 423.6M ← 408.9M | Limited | CONV | 10-K · 2026-02-12 |
| HOOD | Robinhood Markets, Inc. | 2.8%(36mo) | 790.1M ← 768.4M | Limited | — | 10-K/A · 2026-02-20 |
| PINS | PINTEREST, INC. | 2.8%(49mo) | 585.5M ← 569.5M | Limited | — | 10-K · 2026-02-12 |
| AMT | AMERICAN TOWER CORP /MA/ | 2.2%(49mo) | 466.1M ← 455.9M | Limited | — | 10-K · 2026-02-24 |
| ARM | ARM HOLDINGS PLC /UK | 1.6%(12mo) | 1.06B ← 1.04B | Limited | — | 20-F · 2025-05-28 |
| SHOP | SHOPIFY INC. | 1.6%(26mo) | 1.23B ← 1.21B | Limited | R/S | 10-K/A · 2026-04-29 |
| AMD | ADVANCED MICRO DEVICES INC | 1.2%(36mo) | 1.63B ← 1.61B | Limited | CONV | 10-K · 2026-02-04 |
| PFE | PFIZER INC | 1.1%(49mo) | 5.69B ← 5.62B | Limited | — | 10-K · 2026-02-26 |
| CCI | CROWN CASTLE INC. | 0.9%(49mo) | 436.1M ← 432.2M | Limited | ATM | 10-K · 2026-02-23 |
| MELI | MERCADOLIBRE INC | 0.6%(49mo) | 50.7M ← 50.4M | Limited | CONV | 10-K · 2026-02-25 |
| META | Meta Platforms, Inc. | -0.1%(12mo) | 2.19B ← 2.19B | Reducing | — | 10-K · 2026-01-29 |
| VRTX | VERTEX PHARMACEUTICALS INC / MA | -0.2%(49mo) | 254.0M ← 254.6M | Reducing | — | 10-K · 2026-02-13 |
| ISRG | INTUITIVE SURGICAL INC | -0.7%(49mo) | 355.1M ← 357.7M | Reducing | — | 10-K · 2026-02-03 |
| DHR | DANAHER CORP /DE/ | -1.1%(49mo) | 707.1M ← 715.4M | Reducing | — | 10-K · 2026-02-24 |
| PEP | PEPSICO INC | -1.2%(48mo) | 1.37B ← 1.38B | Reducing | — | 10-K · 2026-02-03 |
| CDNS | CADENCE DESIGN SYSTEMS INC | -1.7%(49mo) | 272.7M ← 277.3M | Reducing | — | 10-K · 2026-02-19 |
| TTD | Trade Desk, Inc. | -1.8%(49mo) | 432.9M ← 440.6M | Reducing | — | 10-K · 2026-02-27 |
| MRNA | Moderna, Inc. | -2.0%(49mo) | 394.9M ← 402.9M | Reducing | — | 10-K · 2026-02-20 |
| GOOGL | Alphabet Inc. | -2.2%(37mo) | 5.82B ← 5.96B | Reducing | — | 10-K · 2026-02-05 |
| DIS | Walt Disney Co | -2.3%(34mo) | 1.79B ← 1.83B | Reducing | — | 10-K · 2025-11-13 |
| MRK | Merck & Co., Inc. | -2.6%(37mo) | 2.47B ← 2.54B | Reducing | — | 10-K · 2026-02-24 |
| SCHW | SCHWAB CHARLES CORP | -3.4%(49mo) | 1.75B ← 1.81B | Reducing | — | 10-K · 2026-02-25 |
| UNH | UNITEDHEALTH GROUP INC | -3.5%(49mo) | 907.7M ← 940.9M | Reducing | — | 10-K · 2026-03-02 |
| PNC | PNC FINANCIAL SERVICES GROUP, INC. | -3.6%(49mo) | 403.4M ← 418.5M | Reducing | — | 10-K · 2026-02-20 |
| ADP | AUTOMATIC DATA PROCESSING INC | -4.3%(49mo) | 405.0M ← 423.1M | Reducing | — | 10-K · 2025-08-06 |
| MCD | MCDONALDS CORP | -4.5%(49mo) | 710.4M ← 743.6M | Reducing | — | 10-K · 2026-02-24 |
| GE | GENERAL ELECTRIC CO | -4.6%(49mo) | 1.05B ← 1.10B | Reducing | — | 10-K · 2026-01-29 |
| DVN | DEVON ENERGY CORP/DE | -5.0%(38mo) | 621.0M ← 654.0M | Reducing | — | 10-K/A · 2026-04-21 |
| V | VISA INC. | -5.3%(24mo) | 1.58B ← 1.67B | Reducing | — | 10-K · 2023-11-15 |
| IDXX | IDEXX LABORATORIES INC /DE | -5.5%(49mo) | 79.6M ← 84.2M | Reducing | — | 10-K · 2026-02-20 |
| DDOG | Datadog, Inc. | -5.9%(36mo) | 24.3M ← 25.8M | Reducing | CONV | 10-K · 2026-02-18 |
| BMY | BRISTOL MYERS SQUIBB CO | -6.6%(49mo) | 2.04B ← 2.18B | Reducing | — | 10-K · 2026-02-11 |
| MMM | 3M CO | -7.8%(49mo) | 526.7M ← 571.1M | Reducing | — | 10-K · 2026-02-03 |
| EOG | EOG RESOURCES INC | -8.4%(49mo) | 536.5M ← 585.4M | Reducing | — | 10-K · 2026-02-24 |
| MA | Mastercard Inc | -8.7%(49mo) | 885.2M ← 969.7M | Reducing | — | 10-K · 2026-02-11 |
| ON | ON SEMICONDUCTOR CORP | -8.9%(49mo) | 394.0M ← 432.5M | Reducing | CONV | 10-K · 2026-02-09 |
| PRU | PRUDENTIAL FINANCIAL INC | -9.0%(49mo) | 352.0M ← 387.0M | Reducing | — | 10-K · 2026-02-12 |
| AXP | AMERICAN EXPRESS CO | -9.6%(49mo) | 686.6M ← 759.4M | Reducing | — | 10-K · 2026-02-06 |
| RTX | RTX Corp | -10.1%(48mo) | 1.34B ← 1.49B | Reducing | — | 10-K · 2026-02-06 |
| FDX | FEDEX CORP | -11.8%(49mo) | 235.9M ← 267.3M | Reducing | — | 10-K · 2025-07-21 |
| JD | JD.com, Inc. | -12.0% | 2.43B ← 2.76B | Reducing | CONV | 20-F · 2026-04-16 |
| BABA | Alibaba Group Holding Ltd | -13.5% | 18.47B ← 21.36B | Reducing | — | 20-F · 2025-06-26 |
| KLAC | KLA CORP | -13.6%(49mo) | 132.0M ← 152.7M | Reducing | — | 10-K · 2025-08-08 |
| CAT | CATERPILLAR INC | -14.4%(49mo) | 468.5M ← 547.5M | Reducing | — | 10-K · 2026-02-13 |
| LUV | SOUTHWEST AIRLINES CO | -17.3%(36mo) | 491.3M ← 594.3M | Reducing | — | 10-K/A · 2026-02-06 |
| MET | METLIFE INC | -21.0%(49mo) | 652.1M ← 825.1M | Reducing | R/S | 10-K · 2026-02-19 |
| PYPL | PayPal Holdings, Inc. | -21.0%(49mo) | 920.7M ← 1.17B | Reducing | — | 10-K · 2026-02-03 |
| BKNG | Booking Holdings Inc. | -22.5%(49mo) | 31.7M ← 40.9M | Reducing | CONV | 10-K · 2026-02-18 |
| UPS | UNITED PARCEL SERVICE INC | -23.6%(49mo) | 105.2M ← 137.8M | Reducing | — | 10-K · 2026-02-17 |
| VLO | VALERO ENERGY CORP/TX | -26.9%(49mo) | 299.0M ← 409.3M | Reducing | — | 10-K · 2026-02-25 |
| MPC | Marathon Petroleum Corp | -47.9%(49mo) | 294.7M ← 565.2M | Reducing | — | 10-K · 2026-02-26 |
| LCID | Lucid Group, Inc. | -80.2%(49mo) | 327.7M ← 1.65B | Reducing | CONVR/S | 10-K · 2026-02-24 |
| DUK | Duke Energy CORP | -99.9%(12mo) | 82.5M ← 75.87B | Reducing | ATMCONV | 10-K · 2023-02-27 |
| AEP | AMERICAN ELECTRIC POWER CO INC | — | — ← — | Unknown | ATM | — |
| CCL | CARNIVAL CORP | — | — ← — | Unknown | CONV | — |
| DASH | DoorDash, Inc. | — | — ← — | Unknown | CONV | — |
| IMTX | Immatics N.V. | — | — ← — | Unknown | R/S | — |
| SE | Sea Ltd | — | — ← — | Unknown | CONV | — |
| SRE | SEMPRA | — | — ← — | Unknown | ATM | — |
How to Read Dilution
Share-count growth is the simplest mechanical signal of dilution: if a company had 100 million shares outstanding three years ago and 200 million today, every existing shareholder owns a smaller percentage of the same business. Growth is measured between the oldest and newest cached annual filings for each ticker — typical span is 3-5 years. We bucket the annualized rate into Heavy (over 50% per year), Significant (20-50%), Moderate (10-20%), Limited (0-10%), and Reducing (negative, meaning consolidation or buybacks).
Three structural flags from the most recent annual filing augment the raw growth signal: ATM indicates an at-the-market equity facility (capital raise mechanism by which the issuer sells stock into open-market liquidity); Convertibleflags an outstanding convertible note or preferred stock instrument that could convert into common at the holder's option (often a forward dilution source); Reverse Split flags any reverse stock split executed during the scanned period, which compresses share count without changing economic ownership and often correlates with prior heavy dilution.
Coverage limitation: a ticker only appears here if at least one structural flag was found or the share-count history yielded a comparable growth rate. 94 cached tickers were scanned in total; 85 yielded at least one parseable dilution signal. Each row links to its dedicated dilution page for the verbatim cited language behind every flag.