Dilution profile // every instrument, one screen, from SEC filings

Illumination Acquisition Corp. I (ILLUW)

CIK 2101135 · all EDGAR filings →

Overall dilution risk
HIGHworst of 2 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$318M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
MEDIUMwarrants = 25% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
NOT COMPUTEDunder 3 years of share history on file
= share count now vs 3 years ago
Cash need
NOT COMPUTEDrunway not computable from latest facts
= cash vs trailing operating burn

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Fewer than two cover-page share counts on file, so there is no history to chart.

Cash runway

Not enough filing data

can’t compute a runway

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Public and Private Placement Warrantnot tagged$11.5
Public Warrantsnot tagged$11.5FV $7.7M
Private Placement Warrantnot taggednot taggedFV $208,333

Tranches exactly as the company dimensioned them in its 10-Q filed Jul 15, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 7.9M underlying shares, as reported May 31, 2026 (10-Q).

Rough fully diluted estimate: 39.2M = 31.3M O/S + 7.9M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Jul 15, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding31.3MApr 14, 2026
+ Warrants (aggregate, as tagged) (if exercised)7.9MMay 31, 2026
Fully diluted estimate39.2M+25.2% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $318.2Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Dec 23, 2025$318.2M registeredfiling →

Last 12 months: 2 executed · 2 registered.

EXECUTEDMar 6, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDFeb 27, 2026Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4
EFFECTIVEFeb 26, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDFeb 24, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDDec 23, 2025S-1 registration — capacity to sell shares, not a sale yetS-1

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

Keep going: float checker · offering calendar · short-squeeze screener · full ILLUW workspace