AirJoule Technologies Corp. (AIRJ) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: June 01, 2026

Risk Assessment Details

Potential Dilution: 57.05% of current shares
Recent Dilution: 36.69% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
68M
Potential Supply
39M
Additional shares possible
Splits
None
Past 2 years

Summary

AIRJ currently has 68.4M outstanding shares. with significant dilution risk as 39.1M authorized shares could dilute existing holders by 57.1%. The company has significantly diluted shareholders by 36.69% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Jun 01, 2026

8-K filing: AirJoule Technologies Corporation entered into a securities purchase agreement for a registered direct offering of 3,658,536 shares of common stock at $4.10 per share. ($15.0M proceeds)

68M 39M
Mar 31, 2026

10-K filing | 68.4M shares outstanding

68M 39M
Nov 14, 2025

S-3 filing: AirJoule Technologies Corporation files an S-3 registration statement to offer and sell up to $150,000,000 in the aggregate of common stock, preferred stock, debt securities, and warrants from time to time in one or more offerings.

60M 39M
Nov 14, 2025

10-Q filing | 60.5M shares outstanding

60M 39M
Aug 14, 2025

10-Q filing | 60.2M shares outstanding

60M 39M
May 27, 2025

POS AM filing: This prospectus relates to the issuance by AirJoule Technologies Corporation of an aggregate of up to 18,532,361 shares of their Class A common stock issuable upon the exercise of warrants and also relates to the offer and resale from time to time by the selling securityholders of up to 46,802,173 shares of Class A Common Stock and up to 5,874,765 Private Placement Warrants.

60M 39M
May 16, 2025

POS AM filing: This is a POS AM filing for AirJoule Technologies Corporation relating to the issuance of shares of Class A common stock upon exercise of warrants and the offer and resale of shares of Class A common stock and warrants by selling securityholders.

60M 39M
May 13, 2025

10-Q filing | 57.1M shares outstanding

57M 130M
Apr 28, 2025

S-1/A filing: S-1/A filing for offering of Class A Common Stock by PIPE Investors.

56M 130M
Apr 24, 2025

8-K filing: AirJoule Technologies Corporation entered into subscription agreements with PIPE Investors, including GE Vernova Ventures LLC, to sell approximately 3.75 million newly issued shares of Class A Common Stock for an aggregate gross purchase price of approximately $15 million, with the closing expected on or about April 25, 2025. ($15.0M proceeds)

56M 120M
Mar 27, 2025

S-1 filing: This S-1 filing pertains to a registration rights agreement, allowing B. Riley Principal Capital II to resell shares of AirJoule Technologies Corporation's Class A common stock acquired under a Common Stock Purchase Agreement for up to $30,000,000.

56M 120M
Mar 25, 2025

10-K filing | 56.0M shares outstanding

56M 120M
Nov 13, 2024

8-K filing: AirJoule Technologies Corporation changed its name from Montana Technologies Corporation and eliminated Class B Common Stock by converting all shares to Class A Common Stock.

51M 120M
Nov 13, 2024

10-Q filing | 52.6M shares outstanding

53M 120M
Aug 23, 2024

10-Q filing | 51.4M shares outstanding

51M 120M
Jun 27, 2024

S-1/A filing: This S-1/A filing relates to the issuance by Montana Technologies Corporation of up to 21,557,612 shares of Class A common stock issuable upon the exercise of warrants and the offer and resale from time to time by the selling securityholders of up to 56,111,235 shares of Class A Common Stock and up to 11,125,000 Private Placement Warrants.

56M 120M
Jun 06, 2024

S-1/A filing: This S-1/A filing relates to the issuance of Class A common stock upon exercise of warrants and the offer and resale of Class A common stock and warrants by selling securityholders.

54M 130M
May 20, 2024

10-Q filing | 49.1M shares outstanding

49M 130M
Apr 12, 2024

S-1 filing: This is an S-1 filing for Montana Technologies Corporation relating to the issuance of up to 25,500,000 shares of Class A common stock upon exercise of warrants and the offer and resale of up to 54,825,138 shares of Class A common stock and up to 11,125,000 private placement warrants by selling securityholders.

54M 130M
Mar 20, 2024

8-K filing: Montana consummated a private placement issuing 588,235 shares of Class A common stock for $5,000,000 and also finalized agreements related to registration rights and lock-up restrictions following a business combination. ($5.0M proceeds)

230K 35M
Mar 14, 2024

8-K filing: XPDB consummated its business combination with Montana Technologies LLC on March 14, 2024, and in connection with the Business Combination, XPDB's public stockholders elected to redeem 10,381,983 shares of Class A Common Stock for cash at a redemption price of approximately $10.85 per share. ($112.7M proceeds)

230K 35M
Mar 11, 2024

10-K filing | 10.6M shares outstanding

11M 35M
Mar 05, 2024

8-K filing: Montana Technologies has entered into additional common unit subscription agreements to issue and sell an aggregate number of Montana Class B Common Units that will convert into an aggregate of 5,604,706 shares of the Company's Class A common stock upon the closing of the business combination with Power & Digital Infrastructure Acquisition II Corp.

11M 35M
Feb 02, 2024

8-K filing: Montana Technologies entered into a joint venture formation framework agreement with GE Ventures LLC to form a joint venture named AirJoule JV, where both entities will hold a 50% interest. Montana Technologies also entered into common unit subscription agreements with TEP Montana LLC, XMS MT Holdings LLC, and Stuart Porter to sell Montana Class B Common Units that will convert into 588,236 shares of the Company's Class A common stock upon the closing of the business combination. ($5.0M proceeds)

11M 35M
Jan 12, 2024

8-K filing: Power & Digital Infrastructure Acquisition II Corp. entered into a letter agreement with Montana Technologies LLC and Carrier Corporation regarding the nomination of a director to the board following the business combination between the Company and Montana Technologies. Montana Technologies also entered into a common unit subscription agreement with Carrier to sell units that will convert into 1,176,471 shares of Class A Common Stock upon the closing of the business combination. The Company's board of directors approved an extension of the Deadline Date from January 14, 2024 to February 14, 2024.

11M 35M
Nov 09, 2023

10-Q filing | 10.6M shares outstanding

11M 35M
Aug 21, 2023

10-Q filing | 10.6M shares outstanding

11M 35M
May 15, 2023

10-Q filing | 28.8M shares outstanding

29M 35M
Apr 17, 2023

10-K filing | 28.8M shares outstanding

29M 35M
Nov 09, 2022

10-Q filing | 28.8M shares outstanding

29M 35M
Aug 12, 2022

10-Q filing | 28.8M shares outstanding

29M 35M
May 09, 2022

10-Q filing | 28.8M shares outstanding

29M 35M
Apr 13, 2022

10-K filing | 28.8M shares outstanding

29M 35M
Dec 20, 2021

8-K filing: Power & Digital Infrastructure Acquisition II Corp. consummated an initial public offering of 28,750,000 units at $10.00 per unit and a private placement of 11,125,000 private placement warrants at $1.00 per warrant. ($298.63M proceeds)

7.2M 35M
Dec 14, 2021

8-K filing: Power & Digital Infrastructure Acquisition II Corp. consummated its IPO of 28,750,000 units at $10.00 per unit, generating gross proceeds of $287,500,000, and also completed a private sale of 11,125,000 private placement warrants at $1.00 per warrant, generating total proceeds of $11,125,000. ($298.63M proceeds)

7.2M 35M
Dec 06, 2021

S-1/A filing: The company may consummate the initial business combination and conduct redemptions of shares of common stock for cash upon consummation of such business combination without a stockholder vote.

7.2M 35M
Nov 18, 2021

S-1 filing: Power & Digital Infrastructure Acquisition II Corp. is offering 25,000,000 units at $10.00 per unit, each consisting of one share of Class A common stock and one-half of one redeemable warrant, in an initial public offering.

7.2M 35M
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